Swiss National Bank Sells 13,700 Shares of MGM Resorts International (NYSE:MGM)

Key Points

• The Swiss National Bank has reduced its stake in MGM Resorts International by 2.1%, selling 13,700 shares to bring its total ownership to 629,900 shares, valued at approximately $18.67 million.
• Insider trading activity was observed as Director Keith A. Meister sold 60,000 shares of MGM at an average price of $32.09, decreasing his ownership by 1.05%.
• MGM recently announced a $2 billion stock repurchase plan, indicating management's belief that its shares are currently undervalued.

Swiss National Bank cut its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 629,900 shares of the company's stock after selling 13,700 shares during the period. Swiss National Bank owned approximately 0.23% of MGM Resorts International worth $18,670,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in MGM. TD Waterhouse Canada Inc. increased its position in MGM Resorts International by 8.9% in the 4th quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock valued at $111,000 after buying an additional 261 shares in the last quarter. Amalgamated Bank increased its position in MGM Resorts International by 0.8% in the 1st quarter. Amalgamated Bank now owns 43,933 shares of the company's stock valued at $1,302,000 after buying an additional 329 shares in the last quarter. State of Alaska Department of Revenue increased its position in MGM Resorts International by 1.6% in the 1st quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company's stock valued at $776,000 after buying an additional 410 shares in the last quarter. Golden State Wealth Management LLC increased its position in MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after buying an additional 455 shares in the last quarter. Finally, Northeast Financial Consultants Inc increased its position in MGM Resorts International by 4.7% in the 4th quarter. Northeast Financial Consultants Inc now owns 11,250 shares of the company's stock valued at $390,000 after buying an additional 500 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the transaction, the director owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.06% of the company's stock.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $35.40 on Wednesday. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. The stock's 50 day moving average price is $35.58 and its 200-day moving average price is $33.49. The company has a market capitalization of $9.63 billion, a PE ratio of 19.45, a PEG ratio of 1.62 and a beta of 1.81. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping 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 firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter in the previous year, the business earned $0.86 EPS. The company's revenue was up 1.8% compared to the same quarter last year. On average, equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International declared that its board has approved a stock repurchase plan on Wednesday, April 30th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 22.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MGM. JPMorgan Chase & Co. began coverage on MGM Resorts International in a research report on Monday, June 23rd. They issued a "neutral" rating and a $38.00 target price for the company. UBS Group boosted their target price on MGM Resorts International from $37.00 to $42.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Stifel Nicolaus boosted their target price on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Macquarie decreased their target price on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Finally, Citigroup upgraded MGM Resorts International from a "hold" rating to a "strong-buy" rating and lifted their price target for the company from $55.00 to $57.00 in a research note on Wednesday, July 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $48.72.

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.

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