MGM Resorts International (NYSE:MGM) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 2.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,285,024 shares of the company's stock after selling 38,968 shares during the quarter. Bank of New York Mellon Corp owned 0.45% of MGM Resorts International worth $38,088,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MGM. Assetmark Inc. raised its stake in MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after acquiring an additional 411 shares during the period. Proficio Capital Partners LLC bought a new stake in MGM Resorts International during the 4th quarter worth approximately $2,053,000. Raymond James Financial Inc. bought a new stake in MGM Resorts International during the 4th quarter worth approximately $20,053,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in MGM Resorts International by 2.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 54,581 shares of the company's stock worth $1,891,000 after acquiring an additional 1,381 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in MGM Resorts International by 74.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company's stock worth $51,000 after acquiring an additional 633 shares during the period. Hedge funds and other institutional investors own 68.11% of the company's stock.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 60,000 shares of the 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 transaction, the director owned 5,627,478 shares in the company, valued at $180,585,769.02. This trade represents a 1.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,261 shares of company stock worth $3,486,367. Corporate insiders own 3.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MGM. Barclays lifted their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday. Morgan Stanley reiterated a "sell" rating on shares of MGM Resorts International in a research report on Friday, July 11th. Stifel Nicolaus lifted their price objective on shares of MGM Resorts International from $44.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, July 11th. The Goldman Sachs Group began coverage on shares of MGM Resorts International in a research report on Monday, July 7th. They set a "sell" rating and a $34.00 price objective on the stock. Finally, Susquehanna lifted their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a research report on Thursday, May 1st. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $48.00.

MGM Resorts International Stock Performance

NYSE MGM traded down $0.42 during trading hours on Friday, reaching $37.15. The stock had a trading volume of 1,701,643 shares, compared to its average volume of 4,962,462. The stock has a fifty day moving average of $34.19 and a 200 day moving average of $33.08. The stock has a market cap of $10.11 billion, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 2.40 and a beta of 1.76. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $46.88. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued 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 firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the prior year, the firm earned $0.74 earnings per share. MGM Resorts International's revenue for the quarter was down 2.4% on a year-over-year basis. Sell-side analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its Board of Directors has initiated a share repurchase plan on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 22.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors 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.