UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Stake in MGM Resorts International (NYSE:MGM)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its position in MGM Resorts International (NYSE:MGM - Free Report) by 13.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,980,106 shares of the company's stock after selling 317,988 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.67% of MGM Resorts International worth $68,611,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGM. Worldquant Millennium Advisors LLC purchased a new stake in MGM Resorts International during the fourth quarter valued at approximately $3,313,000. Woodline Partners LP bought a new stake in MGM Resorts International in the fourth quarter worth $471,000. True Wealth Design LLC purchased a new position in MGM Resorts International during the fourth quarter worth $33,000. State of Wyoming boosted its stake in MGM Resorts International by 199.7% during the fourth quarter. State of Wyoming now owns 6,795 shares of the company's stock worth $235,000 after buying an additional 4,528 shares during the period. Finally, Shell Asset Management Co. increased its position in MGM Resorts International by 141.8% during the fourth quarter. Shell Asset Management Co. now owns 5,494 shares of the company's stock valued at $190,000 after acquiring an additional 3,222 shares during the last quarter. 68.11% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Daniel J. Taylor sold 5,261 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were 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 Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $32.17 per share, with a total value of $321,700.00. Following the transaction, the chief financial officer now owns 75,648 shares of the company's stock, valued at $2,433,596.16. This trade represents a 15.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Trading Down 0.4%

NYSE MGM traded down $0.13 on Thursday, reaching $31.67. 4,571,569 shares of the company were exchanged, compared to its average volume of 4,764,858. The business's fifty day moving average price is $30.91 and its 200 day moving average price is $33.52. The stock has a market capitalization of $8.62 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The company's quarterly revenue was down 2.4% on a year-over-year basis. During the same period last year, the business posted $0.74 earnings per share. Analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International announced that its board has initiated a share repurchase plan on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 22.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Barclays upped their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Wedbush reissued an "outperform" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Capital One Financial upped their price target on MGM Resorts International from $52.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. JMP Securities lowered their price target on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a research report on Thursday, April 17th. Finally, BTIG Research cut shares of MGM Resorts International from a "buy" rating to a "neutral" rating in a report on Monday, February 3rd. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.94.

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.