Achmea Investment Management B.V. raised its stake in MGM Resorts International (NYSE:MGM - Free Report) by 46.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,227 shares of the company's stock after buying an additional 11,152 shares during the period. Achmea Investment Management B.V.'s holdings in MGM Resorts International were worth $1,045,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Illinois Municipal Retirement Fund boosted its holdings in shares of MGM Resorts International by 38.7% during the 1st quarter. Illinois Municipal Retirement Fund now owns 137,116 shares of the company's stock valued at $4,064,000 after acquiring an additional 38,283 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in MGM Resorts International by 52.0% in the first quarter. Robeco Institutional Asset Management B.V. now owns 97,625 shares of the company's stock valued at $2,894,000 after purchasing an additional 33,403 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in shares of MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after purchasing an additional 455 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of MGM Resorts International by 4.7% during the first quarter. Asset Management One Co. Ltd. now owns 90,913 shares of the company's stock worth $2,695,000 after purchasing an additional 4,117 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in shares of MGM Resorts International by 21.6% in the first quarter. Oppenheimer & Co. Inc. now owns 40,342 shares of the company's stock valued at $1,196,000 after buying an additional 7,175 shares during the period. Institutional investors own 68.11% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms recently commented on MGM. JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Macquarie dropped their price target on shares of MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Barclays boosted their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Citizens Jmp downgraded MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Finally, Stifel Nicolaus cut their target price on MGM Resorts International from $50.00 to $44.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $48.29.
Read Our Latest Research Report on MGM Resorts International
Insiders Place Their Bets
In other MGM Resorts International 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was 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 directly owned 281,530 shares of the company's stock, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,261 shares of company stock worth $3,486,367. Insiders own 3.06% of the company's stock.
MGM Resorts International Stock Up 1.8%
MGM Resorts International stock traded up $0.65 during midday trading on Wednesday, reaching $37.54. The stock had a trading volume of 3,225,509 shares, compared to its average volume of 4,931,365. The company has a fifty day moving average price of $32.74 and a two-hundred day moving average price of $32.80. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $47.26. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. The company has a market capitalization of $10.22 billion, a P/E ratio of 16.75, a PEG ratio of 2.28 and a beta of 1.76.
MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the previous year, the company posted $0.74 earnings per share. The company's quarterly revenue was down 2.4% on a year-over-year basis. As a group, equities analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.
MGM Resorts International announced that its board has approved a share repurchase plan on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 22.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its stock is undervalued.
About MGM Resorts International
(
Free Report)
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.
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