New York Life Investment Management LLC Trims Stock Holdings in MGM Resorts International (NYSE:MGM)

New York Life Investment Management LLC reduced its holdings in shares of MGM Resorts International (NYSE:MGM) by 6.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,991 shares of the company’s stock after selling 2,603 shares during the quarter. New York Life Investment Management LLC’s holdings in MGM Resorts International were worth $1,697,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. CVA Family Office LLC acquired a new stake in shares of MGM Resorts International during the 4th quarter valued at approximately $28,000. Sandy Spring Bank lifted its position in shares of MGM Resorts International by 140.8% in the 3rd quarter. Sandy Spring Bank now owns 855 shares of the company’s stock worth $31,000 after buying an additional 500 shares during the last quarter. Sunbelt Securities Inc. boosted its holdings in shares of MGM Resorts International by 510.2% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company’s stock valued at $44,000 after buying an additional 1,000 shares during the period. Massmutual Trust Co. FSB ADV grew its position in shares of MGM Resorts International by 49.7% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,105 shares of the company’s stock valued at $49,000 after buying an additional 367 shares during the last quarter. Finally, Huntington National Bank lifted its holdings in MGM Resorts International by 46.7% in the third quarter. Huntington National Bank now owns 1,999 shares of the company’s stock worth $73,000 after acquiring an additional 636 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Barclays upped their price objective on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. StockNews.com upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating in a research report on Thursday, May 2nd. JMP Securities raised their price objective on MGM Resorts International from $57.00 to $58.00 and gave the stock a “market outperform” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft upped their target price on MGM Resorts International from $50.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Finally, TheStreet raised shares of MGM Resorts International from a “c+” rating to a “b-” rating in a research report on Tuesday, February 13th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and an average target price of $54.83.

MGM Resorts International Price Performance

Shares of MGM stock opened at $41.01 on Tuesday. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.46. The stock’s fifty day simple moving average is $43.50 and its 200 day simple moving average is $42.36. MGM Resorts International has a one year low of $34.12 and a one year high of $51.35. The firm has a market cap of $12.86 billion, a price-to-earnings ratio of 15.77, a P/E/G ratio of 0.95 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.18. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The company had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period last year, the company posted $0.44 earnings per share. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. On average, analysts expect that MGM Resorts International will post 2.76 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Keith A. Meister sold 325,000 shares of MGM Resorts International stock in a transaction dated 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 transaction, the director now owns 6,098,778 shares in the company, valued at approximately $261,637,576.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.83% of the stock is owned by company insiders.

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.