Bamco Inc. NY Decreases Stake in MGM Resorts International (NYSE:MGM)

Bamco Inc. NY lessened its position in MGM Resorts International (NYSE:MGM - Free Report) by 87.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 131,063 shares of the company's stock after selling 884,233 shares during the period. Bamco Inc. NY's holdings in MGM Resorts International were worth $4,541,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. TD Waterhouse Canada Inc. lifted its position in shares of MGM Resorts International by 8.9% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock valued at $111,000 after buying an additional 261 shares in the last quarter. Ballentine Partners LLC grew its holdings in MGM Resorts International by 5.4% during the 4th quarter. Ballentine Partners LLC now owns 6,553 shares of the company's stock worth $227,000 after acquiring an additional 333 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its holdings in shares of MGM Resorts International by 1.7% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company's stock valued at $684,000 after acquiring an additional 333 shares during the period. Global Retirement Partners LLC lifted its position in MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock valued at $43,000 after acquiring an additional 404 shares during the last quarter. Finally, Assetmark Inc. lifted its stake in shares of MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after buying an additional 411 shares during the period. 68.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $32.17 per share, with a total value of $321,700.00. Following the transaction, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. This trade represents a 15.23 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Todd Meinert sold 6,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the sale, the chief accounting officer now directly owns 18,301 shares of the company's stock, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently commented on MGM. Citigroup increased their price objective on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Needham & Company LLC reissued a "buy" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Barclays boosted their target price on MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Macquarie reduced their price objective on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Finally, Argus upgraded shares of MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price objective on the stock in a report on Friday, February 14th. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, MGM Resorts International currently has an average rating of "Moderate Buy" and a consensus target price of $48.94.

MGM Resorts International Price Performance

MGM Resorts International stock traded up $0.37 during midday trading on Friday, reaching $32.58. The company's stock had a trading volume of 2,847,867 shares, compared to its average volume of 4,716,075. The stock has a market cap of $8.87 billion, a PE ratio of 13.58, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The business has a 50-day moving average price of $30.60 and a 200-day moving average price of $33.99.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.19. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The company's revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.74 EPS. On average, sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

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

MGM Resorts International Company 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.