Pacer Advisors Inc. decreased its position in shares of MGM Resorts International (NYSE:MGM – Free Report) by 96.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 11,294 shares of the company’s stock after selling 316,475 shares during the quarter. Pacer Advisors Inc.’s holdings in MGM Resorts International were worth $418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently modified their holdings of the company. Hsbc Holdings PLC boosted its holdings in MGM Resorts International by 31.0% in the 1st quarter. Hsbc Holdings PLC now owns 254,801 shares of the company’s stock valued at $9,415,000 after purchasing an additional 60,340 shares during the period. Bastion Asset Management Inc. bought a new position in shares of MGM Resorts International during the first quarter worth approximately $6,212,000. M&T Bank Corp increased its holdings in shares of MGM Resorts International by 1,118.7% during the fourth quarter. M&T Bank Corp now owns 97,630 shares of the company’s stock worth $3,563,000 after purchasing an additional 89,619 shares during the period. Todd Asset Management LLC raised its position in shares of MGM Resorts International by 9.2% in the fourth quarter. Todd Asset Management LLC now owns 709,520 shares of the company’s stock valued at $25,890,000 after buying an additional 59,691 shares in the last quarter. Finally, California Public Employees Retirement System boosted its stake in shares of MGM Resorts International by 6.3% in the first quarter. California Public Employees Retirement System now owns 424,481 shares of the company’s stock valued at $15,710,000 after buying an additional 25,266 shares during the period. Institutional investors own 68.11% of the company’s stock.
Analysts Set New Price Targets
MGM has been the topic of a number of analyst reports. Barclays increased their price target on MGM Resorts International from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Mizuho cut their target price on MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, April 27th. JPMorgan Chase & Co. increased their target price on MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Stifel Nicolaus restated a “hold” rating and issued a $49.00 price target (up from $48.00) on shares of MGM Resorts International in a research report on Monday, June 15th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and issued a $43.00 price target on shares of MGM Resorts International in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.49.
Insider Buying and Selling
In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.38% of the company’s stock.
MGM Resorts International Stock Up 1.5%
Shares of MGM opened at $44.02 on Wednesday. The firm has a 50 day simple moving average of $46.61 and a two-hundred day simple moving average of $40.51. The company has a market cap of $11.07 billion, a P/E ratio of 26.68 and a beta of 1.31. MGM Resorts International has a one year low of $29.18 and a one year high of $51.59. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30.
MGM Resorts International (NYSE:MGM – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same quarter last year, the company posted $0.79 EPS. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. Research analysts forecast that MGM Resorts International will post 2.05 EPS for the current fiscal year.
About MGM Resorts International
MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.
The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.
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