MGM Resorts International (NYSE:MGM) Stock Position Cut by KBC Group NV

KBC Group NV reduced its stake in MGM Resorts International (NYSE:MGM - Free Report) by 94.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,214 shares of the company's stock after selling 367,833 shares during the period. KBC Group NV's holdings in MGM Resorts International were worth $599,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Jones Financial Companies Lllp increased its stake in shares of MGM Resorts International by 56.4% during the 4th quarter. Jones Financial Companies Lllp now owns 14,616 shares of the company's stock worth $506,000 after purchasing an additional 5,272 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in MGM Resorts International during the 4th quarter valued at about $57,000. Charles Schwab Investment Management Inc. raised its stake in shares of MGM Resorts International by 1.7% in the fourth 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. Assetmark Inc. raised its stake in shares of MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after buying an additional 411 shares during the last quarter. Finally, Atria Investments Inc grew its holdings in MGM Resorts International by 7.2% during the fourth quarter. Atria Investments Inc now owns 39,909 shares of the company's stock valued at $1,383,000 after purchasing an additional 2,671 shares during the period. 68.11% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at MGM Resorts International

In other news, Director Daniel J. Taylor sold 5,261 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith A. Meister sold 60,000 shares of the firm'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 completion of the sale, the director directly owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,261 shares of company stock valued at $3,486,367. 3.06% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MGM shares. JMP Securities reissued a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. assumed coverage on shares of MGM Resorts International in a research note on Monday, June 23rd. They set a "neutral" rating and a $38.00 price target for the company. Truist Financial cut their price target on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Finally, Citizens Jmp downgraded shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of "Moderate Buy" and an average target price of $48.06.

MGM Resorts International Price Performance

Shares of NYSE:MGM traded down $0.23 during trading on Friday, reaching $37.45. The stock had a trading volume of 2,311,196 shares, compared to its average volume of 4,943,484. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The stock has a market cap of $10.19 billion, a PE ratio of 16.72, a PEG ratio of 2.59 and a beta of 1.76. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31. The business has a fifty day moving average price of $33.11 and a 200-day moving average price of $32.87.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the previous year, the business earned $0.74 earnings per share. The company's revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities analysts forecast 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 stock buyback program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 22.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

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.