28,567 Shares in MGM Resorts International (NYSE:MGM) Purchased by ING Groep NV

ING Groep NV purchased a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 28,567 shares of the company's stock, valued at approximately $847,000.

Other hedge funds also recently modified their holdings of the company. American Century Companies Inc. boosted its stake in shares of MGM Resorts International by 1.9% during the 4th quarter. American Century Companies Inc. now owns 38,941 shares of the company's stock worth $1,349,000 after acquiring an additional 708 shares in the last quarter. Prudential PLC bought a new stake in shares of MGM Resorts International during the 4th quarter worth $436,000. Wells Fargo & Company MN boosted its stake in shares of MGM Resorts International by 11.6% during the 4th quarter. Wells Fargo & Company MN now owns 1,910,828 shares of the company's stock worth $66,210,000 after acquiring an additional 198,449 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new stake in shares of MGM Resorts International during the 4th quarter worth $2,362,000. Finally, Aviva PLC boosted its stake in shares of MGM Resorts International by 1,243.5% during the 4th quarter. Aviva PLC now owns 137,912 shares of the company's stock worth $4,779,000 after acquiring an additional 127,647 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Down 1.5%

Shares of NYSE:MGM traded down $0.53 during midday trading on Friday, hitting $34.18. 3,178,642 shares of the stock were exchanged, compared to its average volume of 5,134,176. 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 has a 52-week low of $25.30 and a 52-week high of $42.53. The business's fifty day simple moving average is $35.45 and its two-hundred day simple moving average is $33.46. The company has a market capitalization of $9.30 billion, a PE ratio of 18.78, a P/E/G ratio of 1.64 and a beta of 1.81.

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

MGM Resorts International declared that its board has approved a share repurchase program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 22.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently weighed in on MGM. Truist Financial raised their price objective on MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Citigroup raised MGM Resorts International from a "hold" rating to a "strong-buy" rating and raised their price objective for the stock from $55.00 to $57.00 in a research note on Wednesday, July 9th. Macquarie reduced their price objective 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. The Goldman Sachs Group started coverage on MGM Resorts International in a research note on Monday, July 7th. They set a "sell" rating and a $34.00 price objective for the company. Finally, JMP Securities reaffirmed a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of "Moderate Buy" and a consensus target price of $48.72.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of the firm's stock in a transaction dated 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 SEC, which is available through the SEC website. Also, Director Keith A. Meister sold 60,000 shares of the firm's stock in a transaction dated 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 trade represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,261 shares of company stock worth $3,486,367 over the last three months. Corporate 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.