Zurcher Kantonalbank Zurich Cantonalbank Buys 7,292 Shares of MGM Resorts International (NYSE:MGM)

Key Points

• Zurcher Kantonalbank increased its stake in MGM Resorts International by 13.4%, owning 61,873 shares valued at approximately $1.83 million.
• Insider transactions included COO Corey Ian Sanders selling 40,000 shares, reducing his holdings by 12.44%, while a total of 105,261 shares were sold by insiders valued at about $3.49 million.
• MGM Resorts International's latest quarterly earnings showed a significant performance, reporting $0.79 EPS and $4.40 billion in revenue, exceeding estimates and reflecting a 1.8% year-over-year increase.

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in MGM Resorts International (NYSE:MGM - Free Report) by 13.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 61,873 shares of the company's stock after purchasing an additional 7,292 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in MGM Resorts International were worth $1,834,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. ArrowMark Colorado Holdings LLC grew its position in MGM Resorts International by 42.8% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock valued at $32,473,000 after buying an additional 280,700 shares in the last quarter. Vontobel Holding Ltd. boosted its position in shares of MGM Resorts International by 74.6% during the 1st quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company's stock valued at $646,000 after purchasing an additional 9,304 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of MGM Resorts International by 60.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock valued at $1,830,000 after purchasing an additional 23,234 shares in the last quarter. Aviva PLC boosted its position in shares of MGM Resorts International by 1,243.5% during the 4th quarter. Aviva PLC now owns 137,912 shares of the company's stock valued at $4,779,000 after purchasing an additional 127,647 shares in the last quarter. Finally, Achmea Investment Management B.V. boosted its position in shares of MGM Resorts International by 46.3% during the 1st quarter. Achmea Investment Management B.V. now owns 35,227 shares of the company's stock valued at $1,045,000 after purchasing an additional 11,152 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer directly owned 281,530 shares in the company, valued at $9,693,077.90. The trade was a 12.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders sold 105,261 shares of company stock worth $3,486,367 in the last quarter. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Trading Down 1.9%

MGM stock traded down $0.70 during mid-day trading on Friday, reaching $35.75. The company's stock had a trading volume of 7,649,796 shares, compared to its average volume of 5,026,300. The company has a market cap of $9.73 billion, a price-to-earnings ratio of 19.64, a price-to-earnings-growth ratio of 2.15 and a beta of 1.81. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $42.53. The business's 50 day moving average price is $35.13 and its 200 day moving average price is $33.40. 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 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter in the previous year, the company posted $0.86 earnings per share. The company's quarterly revenue was up 1.8% on a year-over-year basis. On average, equities 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 authorized a stock repurchase plan on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

MGM has been the subject of a number of analyst reports. Morgan Stanley reaffirmed a "sell" rating on shares of MGM Resorts International in a research note on Friday, July 11th. Citizens Jmp lowered shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. Macquarie reduced their price objective on shares of MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. UBS Group upped their price objective on shares of MGM Resorts International from $37.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Barclays upped their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $48.56.

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.