Sandy Spring Bank Boosts Position in MGM Resorts International (NYSE:MGM)

Sandy Spring Bank grew its holdings in shares of MGM Resorts International (NYSE:MGM) by 33.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,143 shares of the company’s stock after acquiring an additional 288 shares during the quarter. Sandy Spring Bank’s holdings in MGM Resorts International were worth $51,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in MGM. Davis Selected Advisers purchased a new position in shares of MGM Resorts International during the third quarter valued at approximately $361,915,000. Norges Bank bought a new stake in shares of MGM Resorts International during the fourth quarter valued at approximately $165,932,000. Boston Partners boosted its position in shares of MGM Resorts International by 1,447.6% during the third quarter. Boston Partners now owns 3,980,892 shares of the company’s stock valued at $145,916,000 after purchasing an additional 3,723,659 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of MGM Resorts International by 17.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 21,276,150 shares of the company’s stock valued at $713,390,000 after purchasing an additional 3,098,142 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its position in shares of MGM Resorts International by 544.8% during 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. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. JMP Securities restated a “market outperform” rating and set a $57.00 price target on shares of MGM Resorts International in a research report on Wednesday, February 14th. Morgan Stanley boosted their target price on MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft boosted their target price on MGM Resorts International from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Barclays dropped their target price on MGM Resorts International from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, February 14th. Finally, Bank Of America (Bofa) boosted their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and an average target price of $55.34.

MGM Resorts International Stock Performance

Shares of MGM opened at $42.48 on Friday. The company has a quick ratio of 1.53, a current ratio of 1.57 and a debt-to-equity ratio of 1.46. The business has a 50-day simple moving average of $44.21 and a two-hundred day simple moving average of $41.74. The stock has a market cap of $13.47 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 1.83 and a beta of 2.19. MGM Resorts International has a 52 week low of $34.12 and a 52 week high of $51.35.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.39. The business had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.14 billion. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. The business’s quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.69 earnings per share. On average, analysts expect that MGM Resorts International will post 2.5 EPS for the current year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total value of $13,942,500.00. Following the completion of the sale, the director now owns 6,098,778 shares in the company, valued at $261,637,576.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Profile

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.