Hartford Investment Management Co. Lowers Stock Position in MGM Resorts International (NYSE:MGM)

Hartford Investment Management Co. cut its holdings in shares of MGM Resorts International (NYSE:MGM) by 4.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,479 shares of the company’s stock after selling 765 shares during the period. Hartford Investment Management Co.’s holdings in MGM Resorts International were worth $826,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Tyler Stone Wealth Management purchased a new position in shares of MGM Resorts International during the second quarter worth approximately $26,000. Mendota Financial Group LLC purchased a new position in shares of MGM Resorts International during the third quarter worth approximately $27,000. International Assets Investment Management LLC purchased a new position in shares of MGM Resorts International during the third quarter worth approximately $28,000. CVA Family Office LLC purchased a new position in shares of MGM Resorts International during the fourth quarter worth approximately $28,000. Finally, ICA Group Wealth Management LLC purchased a new position in shares of MGM Resorts International during the fourth quarter worth approximately $28,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. TheStreet upgraded shares of MGM Resorts International from a “c+” rating to a “b-” rating in a research report on Tuesday, February 13th. Barclays lowered their price objective on shares of MGM Resorts International from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. Macquarie reiterated an “outperform” rating and issued a $58.00 price objective on shares of MGM Resorts International in a research report on Wednesday, February 14th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of MGM Resorts International from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Finally, Bank Of America (Bofa) lifted their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, February 14th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average price target of $55.28.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $46.53 on Monday. MGM Resorts International has a one year low of $34.12 and a one year high of $51.35. 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 business has a fifty day moving average of $44.12 and a two-hundred day moving average of $41.49. The company has a market cap of $14.75 billion, a P/E ratio of 14.68, a price-to-earnings-growth ratio of 2.02 and a beta of 2.19.

MGM Resorts International (NYSE:MGM) last released its earnings results on Tuesday, February 13th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.39. The company had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.14 billion. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. MGM Resorts International’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.69 earnings per share. As a group, analysts predict that MGM Resorts International will post 2.48 earnings per share for the current fiscal year.

Insider Transactions at MGM Resorts International

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

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.