CIBC Private Wealth Group LLC Sells 846 Shares of MGM Resorts International (NYSE:MGM)

CIBC Private Wealth Group LLC lessened its holdings in shares of MGM Resorts International (NYSE:MGM) by 9.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,226 shares of the company’s stock after selling 846 shares during the period. CIBC Private Wealth Group LLC’s holdings in MGM Resorts International were worth $269,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Davis Selected Advisers increased its stake in shares of MGM Resorts International by 4.6% during the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after buying an additional 882,417 shares during the period. Norges Bank bought a new stake in MGM Resorts International in the fourth quarter valued at $88,033,000. Charles Schwab Investment Management Inc. increased its position in MGM Resorts International by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock valued at $79,110,000 after purchasing an additional 38,749 shares during the period. FMR LLC raised its holdings in MGM Resorts International by 5.0% in the 3rd quarter. FMR LLC now owns 1,681,699 shares of the company’s stock worth $65,738,000 after purchasing an additional 79,486 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of MGM Resorts International by 3.3% in the 4th quarter. Bank of New York Mellon Corp now owns 1,323,992 shares of the company’s stock worth $45,876,000 after purchasing an additional 42,256 shares during the period. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In other news, CFO Jonathan S. Halkyard purchased 10,000 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the purchase, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. This trade represents a 15.23 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Todd Meinert sold 6,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, the chief accounting officer now owns 18,301 shares in the company, valued at $692,509.84. This trade represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

Wall Street Analyst Weigh In

MGM has been the subject of a number of research reports. JMP Securities reissued a “market outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Wells Fargo & Company raised their target price on MGM Resorts International from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Truist Financial reduced their price target on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Macquarie reissued an “outperform” rating and set a $50.00 price objective on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, Stifel Nicolaus upped their target price on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $51.29.

MGM Resorts International Price Performance

NYSE MGM opened at $26.86 on Friday. MGM Resorts International has a one year low of $25.61 and a one year high of $47.26. The stock has a 50-day moving average of $33.50 and a 200 day moving average of $35.69. 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 company has a market capitalization of $7.60 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 0.98 and a beta of 1.96.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. On average, sell-side analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International Profile

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.