TD Asset Management Inc decreased its position in MGM Resorts International (NYSE:MGM – Free Report) by 8.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,457,968 shares of the company’s stock after selling 143,159 shares during the quarter. TD Asset Management Inc owned about 0.42% of MGM Resorts International worth $64,034,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Signaturefd LLC boosted its stake in shares of MGM Resorts International by 1.9% in the first quarter. Signaturefd LLC now owns 13,730 shares of the company’s stock valued at $610,000 after buying an additional 251 shares during the period. Independent Advisor Alliance lifted its stake in MGM Resorts International by 24.5% during the second quarter. Independent Advisor Alliance now owns 14,304 shares of the company’s stock worth $628,000 after purchasing an additional 2,817 shares during the last quarter. Symmetry Partners LLC bought a new stake in MGM Resorts International during the second quarter worth $368,000. Janney Montgomery Scott LLC lifted its stake in MGM Resorts International by 270.3% during the second quarter. Janney Montgomery Scott LLC now owns 118,473 shares of the company’s stock worth $5,203,000 after purchasing an additional 86,477 shares during the last quarter. Finally, Pitcairn Co. lifted its stake in MGM Resorts International by 48.1% during the first quarter. Pitcairn Co. now owns 12,596 shares of the company’s stock worth $560,000 after purchasing an additional 4,092 shares during the last quarter. Institutional investors and hedge funds own 66.46% of the company’s stock.
MGM Resorts International Stock Up 6.1 %
MGM opened at $40.26 on Wednesday. MGM Resorts International has a one year low of $32.43 and a one year high of $51.35. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.78 and a quick ratio of 1.73. The firm has a market capitalization of $13.75 billion, a P/E ratio of 13.69 and a beta of 2.17. The company has a fifty day moving average price of $37.74 and a 200-day moving average price of $41.86.
MGM Resorts International announced that its board has initiated a share repurchase program on Wednesday, November 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 14.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on MGM. HSBC began coverage on MGM Resorts International in a research note on Monday, October 23rd. They set a “buy” rating and a $49.00 target price for the company. Morgan Stanley dropped their price target on MGM Resorts International from $42.00 to $40.00 and set an “equal weight” rating for the company in a research note on Monday. Stifel Nicolaus dropped their target price on shares of MGM Resorts International from $59.00 to $55.00 and set a “buy” rating on the stock in a research report on Thursday, November 9th. StockNews.com lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Friday, October 13th. Finally, Capital One Financial initiated coverage on shares of MGM Resorts International in a research note on Thursday, October 12th. They set an “overweight” rating and a $50.00 price target for the company. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, MGM Resorts International currently has an average rating of “Moderate Buy” and an average price target of $56.35.
MGM Resorts International Profile
MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.
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