Vanguard Group Inc. Cuts Position in MGM Resorts International (NYSE:MGM)

Vanguard Group Inc. decreased its position in shares of MGM Resorts International (NYSE:MGM) by 4.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,073,527 shares of the company’s stock after selling 1,120,252 shares during the period. Vanguard Group Inc. owned approximately 8.76% of MGM Resorts International worth $903,448,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its holdings in shares of MGM Resorts International by 1.9% during the 4th quarter. American Century Companies Inc. now owns 38,941 shares of the company’s stock valued at $1,349,000 after buying an additional 708 shares in the last quarter. Virtu Financial LLC grew its position in MGM Resorts International by 5.0% during the fourth quarter. Virtu Financial LLC now owns 17,215 shares of the company’s stock valued at $596,000 after acquiring an additional 814 shares during the last quarter. Quantbot Technologies LP raised its stake in shares of MGM Resorts International by 110.5% during the fourth quarter. Quantbot Technologies LP now owns 136,433 shares of the company’s stock worth $4,727,000 after acquiring an additional 71,627 shares in the last quarter. Blueshift Asset Management LLC lifted its holdings in shares of MGM Resorts International by 26.4% in the 4th quarter. Blueshift Asset Management LLC now owns 32,151 shares of the company’s stock worth $1,114,000 after acquiring an additional 6,715 shares during the last quarter. Finally, Royal London Asset Management Ltd. boosted its stake in shares of MGM Resorts International by 19.1% in the 4th quarter. Royal London Asset Management Ltd. now owns 114,666 shares of the company’s stock valued at $3,973,000 after purchasing an additional 18,419 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the topic of a number of analyst reports. JMP Securities reiterated a “market outperform” rating and issued a $50.00 target price on shares of MGM Resorts International in a research report on Thursday, February 13th. Stifel Nicolaus boosted their target price on MGM Resorts International from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Leerink Partners cut MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Argus raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Friday, February 14th. Finally, Citigroup increased their price objective on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Six analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and a consensus target price of $51.29.

MGM Resorts International Stock Down 4.0 %

Shares of NYSE:MGM opened at $30.35 on Friday. The firm has a market capitalization of $8.67 billion, a P/E ratio of 12.64, a P/E/G ratio of 0.98 and a beta of 2.18. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The stock has a 50 day moving average price of $33.90 and a 200-day moving average price of $35.93. MGM Resorts International has a 52-week low of $29.99 and a 52-week high of $48.25.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. As a group, equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Jonathan S. Halkyard bought 10,000 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the purchase, the chief financial officer now owns 75,648 shares in the company, valued at approximately $2,433,596.16. The trade was a 15.23 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the transaction, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.13% of the stock is owned by company insiders.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.