MGM Resorts International (NYSE:MGM) Stock Position Decreased by Ameriprise Financial Inc.

Ameriprise Financial Inc. lowered its position in MGM Resorts International (NYSE:MGM - Free Report) by 23.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 719,393 shares of the company's stock after selling 217,491 shares during the period. Ameriprise Financial Inc. owned about 0.24% of MGM Resorts International worth $24,927,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of MGM. Czech National Bank raised its position in MGM Resorts International by 4.3% in the fourth quarter. Czech National Bank now owns 49,063 shares of the company's stock valued at $1,700,000 after purchasing an additional 2,043 shares during the period. Miracle Mile Advisors LLC acquired a new stake in shares of MGM Resorts International in the 4th quarter worth $2,010,000. Assenagon Asset Management S.A. grew its position in MGM Resorts International by 80.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company's stock worth $12,411,000 after buying an additional 159,522 shares during the period. Empirical Asset Management LLC purchased a new position in MGM Resorts International during the 4th quarter valued at about $3,418,000. Finally, Merit Financial Group LLC acquired a new stake in MGM Resorts International during the 4th quarter valued at $243,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 5,261 shares of the business'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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the sale, the chief operating officer now owns 281,530 shares in the company, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,261 shares of company stock worth $1,788,007. 3.06% of the stock is owned by insiders.

Analyst Ratings Changes

MGM has been the topic of several analyst reports. Mizuho raised their price objective on MGM Resorts International from $56.00 to $60.00 and gave the stock an "outperform" rating in a report on Thursday, February 13th. Truist Financial cut their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Capital One Financial upped their price target on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Barclays lifted their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Finally, Needham & Company LLC restated a "buy" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $48.94.

MGM Resorts International Stock Performance

Shares of NYSE MGM traded down $0.36 during midday trading on Tuesday, hitting $33.32. The company's stock had a trading volume of 337,938 shares, compared to its average volume of 4,731,600. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The firm's fifty day moving average price is $30.92 and its 200-day moving average price is $33.72. The firm has a market cap of $9.07 billion, a P/E ratio of 13.85, a P/E/G ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.50 by $0.19. The company 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%. The business's revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 earnings per share. On average, sell-side analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its board has approved a share buyback plan on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 22.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

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.