MGM Resorts International (NYSE:MGM) Shares Sold by IFM Investors Pty Ltd

IFM Investors Pty Ltd cut its holdings in shares of MGM Resorts International (NYSE:MGM) by 4.4% during the first quarter, Holdings Channel reports. The firm owned 56,502 shares of the company’s stock after selling 2,613 shares during the quarter. IFM Investors Pty Ltd’s holdings in MGM Resorts International were worth $2,667,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in MGM. Davis Selected Advisers purchased a new stake in MGM Resorts International during the 3rd quarter worth about $361,915,000. Boston Partners raised its position in shares of MGM Resorts International by 1,447.6% during the 3rd quarter. Boston Partners now owns 3,980,892 shares of the company’s stock worth $145,916,000 after acquiring an additional 3,723,659 shares in the last quarter. Norges Bank purchased a new stake in MGM Resorts International during the fourth quarter worth approximately $139,599,000. Qube Research & Technologies Ltd boosted its holdings in MGM Resorts International by 544.8% in the third quarter. Qube Research & Technologies Ltd now owns 1,995,768 shares of the company’s stock valued at $73,364,000 after purchasing an additional 1,686,267 shares in the last quarter. Finally, Capital World Investors increased its stake in MGM Resorts International by 17.7% in the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after purchasing an additional 984,617 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the sale, the director now directly owns 6,098,778 shares in the company, valued at approximately $261,637,576.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.13% of the stock is currently owned by corporate insiders.

MGM Resorts International Stock Performance

MGM traded down $1.09 during trading on Friday, hitting $41.09. The stock had a trading volume of 4,682,708 shares, compared to its average volume of 2,687,450. MGM Resorts International has a twelve month low of $34.12 and a twelve month high of $51.35. The firm has a market capitalization of $13.03 billion, a P/E ratio of 12.96, a PEG ratio of 1.73 and a beta of 2.19. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.53 and a current ratio of 1.57. The company’s 50-day moving average price is $43.71 and its 200 day moving average price is $42.12.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.39. The company had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.14 billion. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. The firm’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.69 EPS. On average, equities research analysts forecast that MGM Resorts International will post 2.46 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MGM. Deutsche Bank Aktiengesellschaft upped their target price on shares of MGM Resorts International from $50.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Morgan Stanley upped their price objective on shares of MGM Resorts International from $45.00 to $46.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 9th. JMP Securities reiterated a “market outperform” rating and set a $57.00 target price on shares of MGM Resorts International in a research report on Wednesday, February 14th. Barclays decreased their target price on MGM Resorts International from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, February 14th. Finally, Mizuho started coverage on MGM Resorts International in a research report on Tuesday, March 26th. They set a “buy” rating and a $61.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $55.34.

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.