Amundi Sells 504,656 Shares of MGM Resorts International $MGM

Key Points

• Amundi has cut its position in MGM Resorts International by 60.4%, now holding 331,488 shares after selling 504,656 shares, which reflects a decrease in ownership to about 0.12% valued at approximately $9.2 million.
• Key analysts have set new price targets for MGM Resorts, with Goldman Sachs initiating coverage with a "sell" rating at a target of $34, while UBS lifted their target from $42 to $44, indicating mixed sentiment among investors.
• MGM Resorts reported better-than-expected earnings, posting $0.79 EPS for the last quarter, exceeding analysts' estimates by $0.21, and recording revenue of $4.4 billion.

Amundi cut its position in MGM Resorts International (NYSE:MGM - Free Report) by 60.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 331,488 shares of the company's stock after selling 504,656 shares during the period. Amundi owned approximately 0.12% of MGM Resorts International worth $9,249,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of MGM. Captrust Financial Advisors raised its holdings in MGM Resorts International by 84.8% in the fourth quarter. Captrust Financial Advisors now owns 14,295 shares of the company's stock worth $495,000 after buying an additional 6,559 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of MGM Resorts International by 34.2% during the fourth quarter. Cetera Investment Advisers now owns 110,956 shares of the company's stock valued at $3,845,000 after purchasing an additional 28,268 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of MGM Resorts International by 38.3% during the fourth quarter. Deutsche Bank AG now owns 1,429,115 shares of the company's stock valued at $49,519,000 after purchasing an additional 395,836 shares during the last quarter. Gotham Asset Management LLC raised its holdings in shares of MGM Resorts International by 140.0% during the fourth quarter. Gotham Asset Management LLC now owns 175,046 shares of the company's stock valued at $6,065,000 after purchasing an additional 102,103 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new position in shares of MGM Resorts International during the fourth quarter valued at approximately $2,079,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Stock Performance

NYSE MGM traded up $1.08 during trading hours on Monday, hitting $35.63. 6,508,555 shares of the company's stock traded hands, compared to its average volume of 3,851,705. The firm has a market capitalization of $9.70 billion, a P/E ratio of 19.58, a P/E/G ratio of 1.46 and a beta of 1.69. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The business's fifty day moving average price is $37.04 and its two-hundred day moving average price is $33.72. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.21. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The company's revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.86 earnings per share. Equities research analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

Insider Buying and Selling

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares in the company, valued at $1,138,538.52. This represents a 65.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Keith A. Meister sold 242,000 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the transaction, the director owned 5,385,478 shares of the company's stock, valued at approximately $190,753,630.76. The trade was a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday. Mizuho decreased their price objective on shares of MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Seaport Res Ptn cut shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a report on Monday, July 21st. Finally, JPMorgan Chase & Co. started coverage on shares of MGM Resorts International in a research report on Monday, June 23rd. They set a "neutral" rating and a $38.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $48.67.

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.