KBC Group NV Sells 367,833 Shares of MGM Resorts International (NYSE:MGM)

KBC Group NV reduced its stake in MGM Resorts International (NYSE:MGM - Free Report) by 94.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,214 shares of the company's stock after selling 367,833 shares during the quarter. KBC Group NV's holdings in MGM Resorts International were worth $599,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. ArrowMark Colorado Holdings LLC lifted its stake in shares of MGM Resorts International by 42.8% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock valued at $32,473,000 after purchasing an additional 280,700 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 valued at $79,110,000 after purchasing an additional 38,749 shares during the last quarter. Korea Investment CORP lifted 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 during the last quarter. Davis Selected Advisers lifted its stake in shares of MGM Resorts International by 4.6% in the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock valued at $690,253,000 after purchasing an additional 882,417 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of MGM Resorts International by 60.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock valued at $1,830,000 after purchasing an additional 23,234 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

NYSE:MGM traded up $0.50 during mid-day trading on Tuesday, reaching $37.53. 3,653,169 shares of the stock were exchanged, compared to its average volume of 4,949,713. The business has a fifty day moving average price of $33.33 and a 200 day moving average price of $32.91. The firm has a market capitalization of $10.21 billion, a PE ratio of 16.75, a PEG ratio of 2.55 and a beta of 1.76. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.19. The firm had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. MGM Resorts International's revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the business posted $0.74 EPS. Research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

Several research firms recently issued reports on MGM. Barclays increased their target price on MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Citigroup lowered MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Wall Street Zen raised MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. JMP Securities reissued a "market perform" rating on shares of MGM Resorts International in a research note on Thursday, June 26th. Finally, Susquehanna increased their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of "Moderate Buy" and an average target price of $46.94.

Insider Buying and Selling at MGM Resorts International

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 stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of the company's stock in a transaction that occurred 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 transaction, the chief operating officer owned 281,530 shares of the company's stock, valued at approximately $9,693,077.90. This trade represents a 12.44% 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 valued at $3,486,367 in the last 90 days. 3.06% of the stock is currently owned by corporate insiders.

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.