Swiss National Bank Decreases Holdings in MGM Resorts International (NYSE:MGM)

Swiss National Bank trimmed its holdings in MGM Resorts International (NYSE:MGMFree Report) by 13.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 936,100 shares of the company’s stock after selling 141,100 shares during the quarter. Swiss National Bank owned 0.27% of MGM Resorts International worth $34,411,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Independent Advisor Alliance boosted its holdings in shares of MGM Resorts International by 24.5% during the 2nd quarter. Independent Advisor Alliance now owns 14,304 shares of the company’s stock valued at $628,000 after buying an additional 2,817 shares in the last quarter. BlackRock Inc. increased its position in shares of MGM Resorts International by 1.3% during the 2nd quarter. BlackRock Inc. now owns 22,227,721 shares of the company’s stock valued at $976,241,000 after purchasing an additional 290,839 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in MGM Resorts International by 270.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 118,473 shares of the company’s stock worth $5,203,000 after acquiring an additional 86,477 shares in the last quarter. Black Swift Group LLC increased its holdings in MGM Resorts International by 133.3% in the 3rd quarter. Black Swift Group LLC now owns 105,000 shares of the company’s stock worth $3,860,000 after acquiring an additional 60,000 shares in the last quarter. Finally, Boston Partners increased its holdings in MGM Resorts International by 1,447.6% in 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. 66.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, COO Corey Ian Sanders sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $44.82, for a total transaction of $1,344,600.00. Following the transaction, the chief operating officer now owns 227,674 shares in the company, valued at approximately $10,204,348.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, COO Corey Ian Sanders sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $44.82, for a total transaction of $1,344,600.00. Following the transaction, the chief operating officer now owns 227,674 shares in the company, valued at approximately $10,204,348.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Mcmanus sold 10,000 shares of the stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $45.00, for a total value of $450,000.00. Following the sale, the insider now directly owns 63,695 shares of the company’s stock, valued at $2,866,275. The disclosure for this sale can be found here. Insiders have sold 50,000 shares of company stock worth $2,229,100 in the last quarter. 2.13% of the stock is owned by insiders.

MGM Resorts International Trading Up 3.8 %

MGM opened at $46.43 on Friday. MGM Resorts International has a one year low of $34.12 and a one year high of $51.35. The company has a market cap of $15.86 billion, a P/E ratio of 15.79 and a beta of 2.19. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.73 and a current ratio of 1.78. The business’s 50-day simple moving average is $43.52 and its 200-day simple moving average is $41.68.

MGM Resorts International (NYSE:MGMGet Free Report) last released its quarterly earnings results on Wednesday, November 8th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.12. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $3.86 billion. MGM Resorts International had a return on equity of 18.04% and a net margin of 7.23%. The firm’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same quarter last year, the business posted ($1.39) EPS. As a group, equities research analysts expect that MGM Resorts International will post 2.26 EPS for the current fiscal year.

MGM Resorts International announced that its board has authorized 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 generally a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have recently commented on MGM. Capital One Financial began coverage on MGM Resorts International in a research report on Thursday, October 12th. They set an “overweight” rating and a $50.00 target price for the company. Truist Financial reiterated a “buy” rating and set a $55.00 target price on shares of MGM Resorts International in a research report on Tuesday, December 5th. Morgan Stanley cut their price target on MGM Resorts International from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday, November 13th. HSBC started coverage on MGM Resorts International in a research note on Monday, October 23rd. They issued a “buy” rating and a $49.00 target price on the stock. Finally, Stifel Nicolaus lowered their price target on MGM Resorts International from $59.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, November 9th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.12.

Get Our Latest Stock Analysis on MGM

MGM Resorts International Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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