Bank of Nova Scotia Raises Holdings in MGM Resorts International (NYSE:MGM)

Bank of Nova Scotia raised its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 31.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,990 shares of the company's stock after acquiring an additional 12,220 shares during the period. Bank of Nova Scotia's holdings in MGM Resorts International were worth $1,511,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mascagni Wealth Management Inc. purchased a new stake in shares of MGM Resorts International during the 4th quarter worth about $28,000. Golden State Wealth Management LLC lifted its position in 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 buying an additional 455 shares in the last quarter. True Wealth Design LLC purchased a new stake in MGM Resorts International during the fourth quarter worth approximately $33,000. CX Institutional purchased a new stake in MGM Resorts International during the first quarter worth approximately $36,000. Finally, Bayforest Capital Ltd acquired a new stake in shares of MGM Resorts International in the first quarter worth $43,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $34.72 on Friday. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The company has a market capitalization of $9.45 billion, a price-to-earnings ratio of 19.08, a price-to-earnings-growth ratio of 1.66 and a beta of 1.81. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. The business has a 50 day simple moving average of $35.40 and a 200-day simple moving average of $33.45.

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

MGM Resorts International announced that its Board of Directors has authorized a stock buyback program on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 22.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently weighed in on MGM shares. 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 price target for the company. The Goldman Sachs Group initiated coverage on MGM Resorts International in a research note on Monday, July 7th. They set a "sell" rating and a $34.00 price objective on the stock. Macquarie lowered their target price on 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. Truist Financial raised their target price on MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Finally, Mizuho decreased their price target on MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $48.72.

Insider Activity

In other news, Director Daniel J. Taylor sold 5,261 shares of the company'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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 60,000 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the sale, the director owned 5,627,478 shares in the company, valued at $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 105,261 shares of company stock valued at $3,486,367. Company insiders own 3.06% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.