Cibc World Market Inc. Sells 16,947 Shares of MGM Resorts International $MGM

Cibc World Market Inc. decreased its position in shares of MGM Resorts International (NYSE:MGM) by 42.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,278 shares of the company’s stock after selling 16,947 shares during the period. Cibc World Market Inc.’s holdings in MGM Resorts International were worth $807,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of MGM Resorts International by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock worth $582,000 after purchasing an additional 951 shares during the last quarter. NewEdge Advisors LLC increased its position in MGM Resorts International by 12.1% in the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock worth $115,000 after buying an additional 421 shares during the period. Woodline Partners LP lifted its holdings in shares of MGM Resorts International by 39.1% during the first quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock worth $560,000 after buying an additional 5,312 shares during the last quarter. MGO One Seven LLC bought a new stake in shares of MGM Resorts International in the second quarter valued at approximately $224,000. Finally, Atria Wealth Solutions Inc. acquired a new stake in shares of MGM Resorts International in the second quarter worth $249,000. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

NYSE MGM opened at $34.29 on Wednesday. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $40.16. The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91. The stock has a market cap of $8.77 billion, a P/E ratio of 45.72 and a beta of 1.44. The company’s 50-day simple moving average is $35.61 and its 200 day simple moving average is $34.89.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.42 billion. During the same quarter last year, the company earned $0.45 earnings per share. As a group, research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In related news, major shareholder Iac Inc. purchased 1,098,748 shares of the stock in a transaction on Friday, December 5th. The shares were purchased at an average cost of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the transaction, the insider directly owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. The trade was a 1.70% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms recently commented on MGM. Weiss Ratings reiterated a “sell (d)” rating on shares of MGM Resorts International in a research note on Monday, December 29th. Citigroup upped their price objective on shares of MGM Resorts International from $35.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, February 6th. Mizuho set a $62.00 target price on shares of MGM Resorts International in a research note on Thursday, October 30th. Susquehanna lowered their price target on MGM Resorts International from $46.00 to $45.00 and set a “positive” rating on the stock in a research note on Friday, February 6th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $34.00 price target on shares of MGM Resorts International in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $41.94.

MGM Resorts International Company Profile

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.