OVERSEA CHINESE BANKING Corp Ltd Raises Stock Position in MGM Resorts International (NYSE:MGM)

OVERSEA CHINESE BANKING Corp Ltd lifted its position in MGM Resorts International (NYSE:MGM - Free Report) by 518.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,600 shares of the company's stock after purchasing an additional 125,408 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd owned 0.05% of MGM Resorts International worth $4,729,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Assetmark Inc. raised its stake in MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after acquiring an additional 411 shares in the last quarter. Mascagni Wealth Management Inc. acquired a new position in MGM Resorts International during the fourth quarter worth $28,000. True Wealth Design LLC acquired a new position in MGM Resorts International during the fourth quarter worth $33,000. Golden State Wealth Management LLC raised its stake in MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after acquiring an additional 455 shares in the last quarter. Finally, CX Institutional acquired a new position in MGM Resorts International during the first quarter worth $36,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at MGM Resorts International

In other news, Director Daniel J. Taylor sold 5,261 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Corey Ian Sanders sold 40,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following 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. Insiders have sold a total of 105,261 shares of company stock valued at $3,486,367 in the last ninety days. 3.06% of the stock is currently owned by corporate insiders.

MGM Resorts International Trading Up 0.8%

Shares of MGM traded up $0.29 during trading hours on Thursday, hitting $37.59. The company had a trading volume of 3,705,107 shares, compared to its average volume of 4,966,390. The stock's 50 day moving average price is $34.09 and its 200 day moving average price is $33.06. 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 firm has a market cap of $10.23 billion, a P/E ratio of 16.78, a P/E/G ratio of 2.52 and a beta of 1.76. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping 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 analysts' expectations of $4.29 billion. During the same period in the previous year, the firm posted $0.74 EPS. The business's revenue for the quarter was down 2.4% compared to the same quarter last year. On average, research analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

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

Analyst Ratings Changes

MGM has been the subject of several recent analyst reports. JPMorgan Chase & Co. initiated coverage on MGM Resorts International in a research note on Monday, June 23rd. They set a "neutral" rating and a $38.00 price objective for the company. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. UBS Group increased their target price on MGM Resorts International from $37.00 to $42.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Macquarie decreased their target price 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 raised their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday. 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 stock. Based on data from MarketBeat.com, MGM Resorts International presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.94.

About MGM Resorts International

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.