Janus Henderson Group PLC Reduces Stock Position in MGM Resorts International (NYSE:MGM)

Janus Henderson Group PLC lessened its stake in MGM Resorts International (NYSE:MGM - Free Report) by 30.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,649 shares of the company's stock after selling 12,552 shares during the period. Janus Henderson Group PLC's holdings in MGM Resorts International were worth $993,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. ArrowMark Colorado Holdings LLC boosted its stake in MGM Resorts International by 42.8% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock worth $32,473,000 after buying an additional 280,700 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of MGM Resorts International by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company's stock worth $79,110,000 after acquiring an additional 38,749 shares during the last quarter. Korea Investment CORP boosted its stake in shares of MGM Resorts International by 964.3% in the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company's stock valued at $5,034,000 after purchasing an additional 131,636 shares in the last quarter. ACR Alpine Capital Research LLC grew its holdings in shares of MGM Resorts International by 23.3% during the 4th quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company's stock valued at $5,613,000 after purchasing an additional 30,605 shares during the last quarter. Finally, Davis Selected Advisers raised its position in MGM Resorts International by 4.6% in the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after purchasing an additional 882,417 shares during the period. Institutional investors own 68.11% of the company's stock.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer now directly owns 281,530 shares of the company's stock, valued at approximately $9,693,077.90. The trade was a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of MGM Resorts International stock in a transaction dated Thursday, March 6th. The shares were bought at an average price of $32.17 per share, with a total value of $321,700.00. Following the completion of the acquisition, the chief financial officer now directly owns 75,648 shares of the company's stock, valued at approximately $2,433,596.16. This represents a 15.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 3.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MGM shares. Mizuho lifted their price objective on MGM Resorts International from $56.00 to $60.00 and gave the stock an "outperform" rating in a report on Thursday, February 13th. Argus raised MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a research note on Friday, February 14th. Leerink Partners lowered MGM Resorts International to a "market perform" rating in a research note on Thursday, February 13th. Canaccord Genuity Group restated a "buy" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, BTIG Research downgraded shares of MGM Resorts International from a "buy" rating to a "neutral" rating in a research note on Monday, February 3rd. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.94.

MGM Resorts International Stock Down 0.4%

MGM traded down $0.13 on Thursday, hitting $31.67. The company had a trading volume of 4,583,682 shares, compared to its average volume of 4,768,576. The stock has a fifty day simple moving average of $30.89 and a 200-day simple moving average of $33.49. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. The firm has a market capitalization of $8.62 billion, a P/E ratio of 13.20, a P/E/G ratio of 0.98 and a beta of 1.78. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The firm's revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.74 earnings per share. As a group, equities analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its Board of Directors has approved a stock buyback plan on Wednesday, April 30th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 22.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board believes its stock is undervalued.

MGM Resorts International 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.