M&T Bank Corp Has $3.56 Million Stake in MGM Resorts International $MGM

Key Points

• M&T Bank Corp raised its stake in MGM by 1,118.7% in Q4, adding 89,619 shares to hold 97,630 shares valued at about $3.56 million at the end of the quarter.
• MGM beat expectations in its latest quarter, reporting $1.60 EPS vs. a $0.64 consensus and $4.61 billion in revenue vs. $4.42 billion expected.
• IAC Inc. bought 450,000 shares at an average $37.13 (~$16.7 million), increasing its holding to roughly 66.8 million shares, while institutional investors own about 68.11% of MGM.

M&T Bank Corp raised its position in MGM Resorts International (NYSE:MGM - Free Report) by 1,118.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 97,630 shares of the company's stock after acquiring an additional 89,619 shares during the quarter. M&T Bank Corp's holdings in MGM Resorts International were worth $3,563,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Asset Management One Co. Ltd. raised its holdings in shares of MGM Resorts International by 4.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company's stock valued at $286,000 after purchasing an additional 313 shares during the period. Vanguard Personalized Indexing Management LLC increased its position in MGM Resorts International by 0.8% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 39,763 shares of the company's stock worth $1,378,000 after buying an additional 328 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in MGM Resorts International by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company's stock worth $2,218,000 after buying an additional 397 shares during the last quarter. NewEdge Advisors LLC raised its stake in MGM Resorts International by 12.1% in the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company's stock valued at $115,000 after buying an additional 421 shares during the period. Finally, Hantz Financial Services Inc. raised its stake in MGM Resorts International by 22.5% in the third quarter. Hantz Financial Services Inc. now owns 2,432 shares of the company's stock valued at $84,000 after buying an additional 446 shares during the period. Institutional investors own 68.11% of the company's stock.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $39.51 on Monday. The firm has a market cap of $10.11 billion, a P/E ratio of 52.68 and a beta of 1.35. The business's 50 day moving average is $36.82 and its 200-day moving average is $35.21. The company has a current ratio of 1.23, a quick ratio of 1.20 and a debt-to-equity ratio of 1.91. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $40.46.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, beating analysts' consensus estimates of $0.64 by $0.96. The firm had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.42 billion. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.During the same period in the prior year, the firm posted $0.45 EPS. Equities research analysts predict that MGM Resorts International will post 2.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MGM. Citigroup lifted their target price on MGM Resorts International from $35.00 to $41.00 and gave the stock a "neutral" rating in a research note on Friday, February 6th. Susquehanna dropped their price target on MGM Resorts International from $46.00 to $45.00 and set a "positive" rating on the stock in a research note on Friday, February 6th. UBS Group cut their price target on MGM Resorts International from $40.00 to $39.00 and set a "neutral" rating for the company in a report on Friday, April 10th. Berenberg Bank reiterated a "buy" rating on shares of MGM Resorts International in a report on Wednesday, February 11th. Finally, Texas Capital raised shares of MGM Resorts International to a "strong-buy" rating in a research report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $42.13.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, major shareholder Iac Inc. purchased 450,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 24th. The shares were acquired at an average cost of $37.13 per share, for a total transaction of $16,708,500.00. Following the completion of the purchase, the insider owned 66,822,350 shares of the company's stock, valued at approximately $2,481,113,855.50. The trade was a 0.68% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Keith A. Meister sold 37,500 shares of the firm's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the transaction, the director directly owned 5,347,978 shares in the company, valued at approximately $183,275,206.06. This represents a 0.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 3.38% of the company's stock.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

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