CANADA LIFE ASSURANCE Co Lowers Stock Holdings in MGM Resorts International (NYSE:MGM)

CANADA LIFE ASSURANCE Co lowered its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 44.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 86,759 shares of the company's stock after selling 69,018 shares during the quarter. CANADA LIFE ASSURANCE Co's holdings in MGM Resorts International were worth $3,005,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Virtu Financial LLC purchased a new stake in shares of MGM Resorts International in the third quarter worth approximately $641,000. Wilmington Savings Fund Society FSB bought a new position in MGM Resorts International in the 3rd quarter valued at $55,000. Tidal Investments LLC increased its stake in MGM Resorts International by 269.7% in the third quarter. Tidal Investments LLC now owns 33,050 shares of the company's stock worth $1,292,000 after purchasing an additional 24,111 shares during the period. Synovus Financial Corp bought a new stake in shares of MGM Resorts International during the third quarter worth $309,000. Finally, Oddo BHF Asset Management Sas purchased a new stake in shares of MGM Resorts International during the third quarter valued at $1,886,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MGM shares. Leerink Partners cut shares of MGM Resorts International to a "market perform" rating in a research report on Thursday, February 13th. Mizuho increased their price target on MGM Resorts International from $56.00 to $60.00 and gave the stock an "outperform" rating in a research report on Thursday, February 13th. Argus upgraded MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a research note on Friday, February 14th. Citigroup upped their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Finally, Truist Financial cut their target price on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $50.06.

MGM Resorts International Stock Down 0.9 %

Shares of MGM traded down $0.30 during mid-day trading on Wednesday, hitting $31.50. 6,414,961 shares of the company traded hands, compared to its average volume of 4,684,915. The company has a market capitalization of $8.91 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The business has a 50 day moving average of $31.08 and a 200 day moving average of $34.46. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26.

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, beating analysts' consensus estimates of $0.53 by $0.16. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. Equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

Insider Buying and Selling

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

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.