Trust Co. of Toledo NA OH Lowers Stock Holdings in MGM Resorts International $MGM

Trust Co. of Toledo NA OH reduced its position in MGM Resorts International (NYSE:MGM) by 40.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 8,250 shares of the company’s stock after selling 5,600 shares during the period. Trust Co. of Toledo NA OH’s holdings in MGM Resorts International were worth $284,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MGM. Vontobel Holding Ltd. grew its stake in shares of MGM Resorts International by 74.6% during the 1st quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company’s stock valued at $646,000 after buying an additional 9,304 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of MGM Resorts International by 60.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company’s stock valued at $1,830,000 after buying an additional 23,234 shares during the period. Achmea Investment Management B.V. grew its stake in shares of MGM Resorts International by 46.3% during the 1st quarter. Achmea Investment Management B.V. now owns 35,227 shares of the company’s stock valued at $1,045,000 after buying an additional 11,152 shares during the period. Key Colony Management LLC grew its stake in shares of MGM Resorts International by 9.8% during the 2nd quarter. Key Colony Management LLC now owns 615,000 shares of the company’s stock valued at $21,150,000 after buying an additional 55,000 shares during the period. Finally, Osborne Partners Capital Management LLC grew its stake in shares of MGM Resorts International by 4.1% during the 1st quarter. Osborne Partners Capital Management LLC now owns 326,197 shares of the company’s stock valued at $9,668,000 after buying an additional 12,833 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on MGM. Morgan Stanley boosted their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an “equal weight” rating in a research note on Thursday, September 11th. Stifel Nicolaus boosted their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. UBS Group reduced their target price on shares of MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating on the stock in a report on Thursday, September 11th. Citizens Jmp lowered shares of MGM Resorts International from an “outperform” rating to a “market perform” rating in a report on Thursday, June 26th. Finally, Truist Financial lifted their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.50.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $31.29 on Friday. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $42.53. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. The firm has a market capitalization of $8.52 billion, a P/E ratio of 17.19, a P/E/G ratio of 1.33 and a beta of 1.67. The company’s fifty day moving average price is $35.80 and its two-hundred day moving average price is $34.03.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same quarter in the previous year, the business posted $0.86 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. On average, research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total value of $8,571,640.00. Following the transaction, the director owned 5,385,478 shares in the company, valued at $190,753,630.76. The trade was a 4.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Mcmanus sold 60,000 shares of the business’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider owned 31,521 shares in the company, valued at $1,138,538.52. This represents a 65.56% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.06% of the company’s stock.

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.