Robeco Institutional Asset Management B.V. boosted its position in MGM Resorts International (NYSE:MGM - Free Report) by 52.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 97,625 shares of the company's stock after purchasing an additional 33,403 shares during the period. Robeco Institutional Asset Management B.V.'s holdings in MGM Resorts International were worth $2,894,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in MGM. ArrowMark Colorado Holdings LLC boosted its holdings in shares of 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 during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of MGM Resorts International by 1.7% during 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 acquiring an additional 38,749 shares during the period. Korea Investment CORP increased 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 worth $5,034,000 after purchasing an additional 131,636 shares in the last quarter. Davis Selected Advisers raised its holdings 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. Finally, Allianz SE bought a new position in MGM Resorts International in the 4th quarter worth $1,166,000. 68.11% of the stock is currently owned by institutional investors.
MGM Resorts International Stock Performance
NYSE MGM traded up $0.81 during trading hours on Wednesday, hitting $37.70. 5,315,981 shares of the stock were exchanged, compared to its average volume of 4,938,478. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 2.28 and a beta of 1.76. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $47.26. The stock has a 50-day moving average of $32.74 and a 200 day moving average of $32.80.
MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same period in the prior year, the business posted $0.74 earnings per share. The firm's revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.
MGM Resorts International announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, April 30th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.
Insider Buying and Selling
In other news, Director Keith A. Meister sold 60,000 shares of the stock in a transaction 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the sale, the chief operating officer owned 281,530 shares of the company's stock, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,261 shares of company stock worth $3,486,367. 3.06% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
Several equities analysts have recently commented on MGM shares. Susquehanna boosted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a research report on Thursday, May 1st. Stifel Nicolaus dropped their target price on MGM Resorts International from $50.00 to $44.00 and set a "buy" rating for the company in a report on Thursday, May 1st. 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. Macquarie reduced their price objective on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, Truist Financial decreased their price objective on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, MGM Resorts International presently has a consensus rating of "Moderate Buy" and an average price target of $48.29.
Get Our Latest Analysis on MGM Resorts International
About MGM Resorts International
(
Free Report)
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.
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