Ameriprise Financial Inc. Trims Stake in MGM Resorts International (NYSE:MGM)

Ameriprise Financial Inc. trimmed its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 23.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 719,393 shares of the company's stock after selling 217,491 shares during the quarter. Ameriprise Financial Inc. owned about 0.24% of MGM Resorts International worth $24,927,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Davis Selected Advisers grew its position in MGM Resorts International by 4.6% during the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after buying an additional 882,417 shares in the last quarter. Invesco Ltd. grew its position in MGM Resorts International by 22.5% during the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock worth $200,462,000 after buying an additional 1,063,707 shares in the last quarter. Marshall Wace LLP grew its position in MGM Resorts International by 50.9% during the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock worth $112,048,000 after buying an additional 1,090,533 shares in the last quarter. Norges Bank purchased a new position in MGM Resorts International during the fourth quarter worth about $88,033,000. Finally, Northern Trust Corp grew its position in MGM Resorts International by 15.1% during the fourth quarter. Northern Trust Corp now owns 2,315,748 shares of the company's stock worth $80,241,000 after buying an additional 303,711 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the transaction, the chief accounting officer now owns 18,301 shares in the company, valued at $692,509.84. This trade represents a 24.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,261 shares of company stock valued at $1,788,007 in the last 90 days. Insiders own 3.06% of the company's stock.

MGM Resorts International Trading Down 1.3%

MGM traded down $0.43 during midday trading on Friday, reaching $33.96. 4,680,480 shares of the company's stock traded hands, compared to its average volume of 4,754,259. The firm has a fifty day moving average of $30.87 and a two-hundred day moving average of $33.82. The stock has a market capitalization of $9.24 billion, a price-to-earnings ratio of 14.15, a P/E/G ratio of 0.98 and a beta of 1.78. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.19. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. MGM Resorts International's quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.74 EPS. On average, equities analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has authorized a share repurchase program on Wednesday, April 30th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 22.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MGM. Macquarie reduced their target price on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Susquehanna Bancshares lifted their price target on MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Wells Fargo & Company lifted their price target on MGM Resorts International from $44.00 to $46.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. Capital One Financial lifted their price target on MGM Resorts International from $52.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Finally, Barclays lifted their price target on MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.94.

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.