Swiss National Bank Cuts Stock Position in MGM Resorts International (NYSE:MGM)

Swiss National Bank trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 0.8% in the third quarter, Holdings Channel reports. The firm owned 698,300 shares of the company’s stock after selling 5,700 shares during the period. Swiss National Bank’s holdings in MGM Resorts International were worth $27,297,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. lifted its position in shares of MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after purchasing an additional 237 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in MGM Resorts International by 1.2% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock worth $1,018,000 after buying an additional 278 shares in the last quarter. HB Wealth Management LLC boosted its position in MGM Resorts International by 6.3% in the 2nd quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock valued at $219,000 after buying an additional 293 shares during the last quarter. Quent Capital LLC grew its stake in shares of MGM Resorts International by 14.6% during the third quarter. Quent Capital LLC now owns 2,383 shares of the company’s stock valued at $93,000 after acquiring an additional 304 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after acquiring an additional 329 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MGM has been the subject of a number of analyst reports. Morgan Stanley increased their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Tuesday, October 22nd. Stifel Nicolaus lifted their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Barclays reduced their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Mizuho dropped their target price on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Finally, UBS Group raised shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.15.

MGM Resorts International Stock Performance

Shares of NYSE MGM opened at $37.97 on Friday. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The firm has a market cap of $11.30 billion, a P/E ratio of 13.56, a PEG ratio of 2.66 and a beta of 2.23. The stock has a fifty day moving average price of $38.57 and a two-hundred day moving average price of $39.75. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The firm had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period in the previous year, the firm earned $0.64 earnings per share. MGM Resorts International’s revenue was up 5.3% on a year-over-year basis. Research analysts forecast that MGM Resorts International will post 2.5 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. The trade was a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate 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.