Amundi Cuts Position in 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 decreased its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 60.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 331,488 shares of the company's stock after selling 504,656 shares during the quarter. Amundi owned about 0.12% of MGM Resorts International worth $9,249,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Helikon Investments Ltd acquired a new position in MGM Resorts International during the first quarter worth about $54,418,000. Fuller & Thaler Asset Management Inc. acquired a new position in MGM Resorts International during the first quarter worth about $47,631,000. GMT Capital Corp acquired a new position in MGM Resorts International during the first quarter worth about $36,656,000. Davis Selected Advisers grew its position in MGM Resorts International by 4.5% during the first quarter. Davis Selected Advisers now owns 20,815,057 shares of the company's stock worth $616,958,000 after buying an additional 894,344 shares during the period. Finally, Nuveen LLC purchased a new stake in MGM Resorts International during the first quarter worth $13,618,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the transaction, the director owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. This represents a 1.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 3.06% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have commented on the company. The Goldman Sachs Group assumed coverage on MGM Resorts International in a research report on Monday, July 7th. They set a "sell" rating and a $34.00 target price on the stock. JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Citizens Jmp downgraded MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. UBS Group boosted their target price on MGM Resorts International from $42.00 to $44.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Finally, Susquehanna boosted their target price on MGM Resorts International from $50.00 to $60.00 and gave the stock a "positive" rating in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $48.83.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $36.00 on Wednesday. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $42.53. The stock has a fifty day moving average of $37.20 and a two-hundred day moving average of $33.73. The company has a market capitalization of $9.80 billion, a price-to-earnings ratio of 19.78, a PEG ratio of 1.53 and a beta of 1.69. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22.

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

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.

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