Charles Schwab Investment Management Inc. Has $67.09 Million Stock Holdings in MGM Resorts International (NYSE:MGM)

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in MGM Resorts International by 0.9%, holding 2,263,441 shares valued at approximately $67.09 million as of the latest SEC filing.
• Institutional ownership of MGM Resorts stands at 68.11%, with various funds making significant adjustments to their positions during the fourth quarter, including Cerity Partners LLC increasing its stake by 56.3%.
• Analysts are split on MGM's stock outlook, with ratings ranging from a "sell" to a "strong buy" and an average target price of $48.72, indicating a generally positive market sentiment.

Charles Schwab Investment Management Inc. trimmed its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 0.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,263,441 shares of the company's stock after selling 19,669 shares during the period. Charles Schwab Investment Management Inc. owned 0.83% of MGM Resorts International worth $67,088,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mascagni Wealth Management Inc. acquired a new position in MGM Resorts International during the 4th quarter valued at about $28,000. Golden State Wealth Management LLC lifted its stake in shares of MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after acquiring an additional 455 shares during the period. True Wealth Design LLC acquired a new stake in shares of MGM Resorts International in the 4th quarter worth approximately $33,000. CX Institutional acquired a new stake in shares of MGM Resorts International in the 1st quarter worth approximately $36,000. Finally, Bayforest Capital Ltd acquired a new stake in shares of MGM Resorts International in the 1st quarter worth approximately $43,000. 68.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MGM. Truist Financial upped their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. The Goldman Sachs Group began coverage on shares of MGM Resorts International in a research note on Monday, July 7th. They issued a "sell" rating and a $34.00 price target for the company. Mizuho reduced their price target on shares of MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. Susquehanna upped their price target on shares of MGM Resorts International from $50.00 to $60.00 and gave the stock a "positive" rating in a research note on Tuesday, July 29th. Finally, Citigroup raised shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and upped their price target for the stock from $55.00 to $57.00 in a research note on Wednesday, July 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $48.72.

MGM Resorts International Trading Down 1.1%

Shares of MGM stock traded down $0.41 during trading hours on Friday, reaching $35.92. 3,617,906 shares of the stock traded hands, compared to its average volume of 5,086,940. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $42.53. The business has a fifty day moving average price of $35.85 and a 200 day moving average price of $33.54. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The firm has a market capitalization of $9.78 billion, a PE ratio of 19.74, a PEG ratio of 1.69 and a beta of 1.81.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, beating 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 business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same quarter in the previous year, the business earned $0.86 earnings per share. The firm's revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International declared that its board has authorized a stock buyback plan on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 22.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Insider Activity

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

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.