Northern Trust Corp Sells 33,038 Shares of MGM Resorts International $MGM

Key Points

• Northern Trust Corp has decreased its stake in MGM Resorts International by 1.4%, now holding approximately 2.28 million shares worth around $67.66 million.
• MGM Resorts has received positive ratings from several analysts, with Barclays raising its target price from $43 to $44 and Citigroup upgrading to a strong-buy rating with a price target of $57.
• The company reported earnings per share of $0.79 for the last quarter, exceeding the consensus estimate of $0.58, with revenues totaling $4.40 billion.

Northern Trust Corp trimmed its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,282,710 shares of the company's stock after selling 33,038 shares during the period. Northern Trust Corp owned about 0.84% of MGM Resorts International worth $67,660,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Davis Selected Advisers lifted its position in MGM Resorts International by 4.5% during the first quarter. Davis Selected Advisers now owns 20,815,057 shares of the company's stock worth $616,958,000 after buying an additional 894,344 shares in the last quarter. Invesco Ltd. boosted its position in shares of MGM Resorts International by 7.7% in the 1st quarter. Invesco Ltd. now owns 6,233,213 shares of the company's stock valued at $184,752,000 after purchasing an additional 447,870 shares during the period. Southeastern Asset Management Inc. TN boosted its position in shares of MGM Resorts International by 9.6% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company's stock valued at $83,477,000 after purchasing an additional 211,245 shares during the period. Eminence Capital LP acquired a new stake in MGM Resorts International during the 4th quarter worth approximately $72,408,000. Finally, Helikon Investments Ltd acquired a new stake in MGM Resorts International during the 1st quarter worth approximately $54,418,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

Wall Street Analyst Weigh In

MGM has been the subject of a number of recent analyst reports. Citizens Jmp downgraded MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. Morgan Stanley boosted their price target on MGM Resorts International from $38.00 to $41.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Citigroup upgraded MGM Resorts International from a "hold" rating to a "strong-buy" rating and upped their price objective for the company from $55.00 to $57.00 in a research note on Wednesday, July 9th. Stifel Nicolaus upped their target price on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Finally, The Goldman Sachs Group initiated coverage on MGM Resorts International in a report on Monday, July 7th. They set a "sell" rating and a $34.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $48.83.

MGM Resorts International Stock Down 0.4%

NYSE MGM traded down $0.16 during trading on Thursday, hitting $39.61. 3,380,760 shares of the company traded hands, compared to its average volume of 4,470,078. The company has a market capitalization of $10.78 billion, a P/E ratio of 21.76, a PEG ratio of 1.88 and a beta of 1.81. The business has a fifty day simple moving average of $36.65 and a 200 day simple moving average of $33.75. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $42.53. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same period in the previous year, the business earned $0.86 earnings per share. The company's quarterly revenue was up 1.8% on a year-over-year basis. As a group, sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its board has authorized a share repurchase program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 22.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $180,585,769.02. This trade represents a 1.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.06% of the stock is currently owned by corporate insiders.

MGM Resorts International Company 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.