Northern Trust Corp Acquires 303,711 Shares of MGM Resorts International (NYSE:MGM)

Northern Trust Corp lifted its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 15.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,315,748 shares of the company's stock after purchasing an additional 303,711 shares during the quarter. Northern Trust Corp owned 0.78% of MGM Resorts International worth $80,241,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Assetmark Inc. increased its holdings in shares of MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after buying an additional 411 shares during the last quarter. Global Trust Asset Management LLC bought a new position in MGM Resorts International in the fourth quarter valued at $28,000. Global Retirement Partners LLC raised its position in MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock valued at $43,000 after purchasing an additional 404 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in MGM Resorts International during the third quarter worth about $55,000. Finally, Quarry LP boosted its holdings in shares of MGM Resorts International by 750.6% in the 4th quarter. Quarry LP now owns 1,446 shares of the company's stock worth $50,000 after purchasing an additional 1,276 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, CFO Jonathan S. Halkyard acquired 10,000 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $32.17 per share, with a total value of $321,700.00. Following the completion of the purchase, the chief financial officer now directly owns 75,648 shares of the company's stock, valued at approximately $2,433,596.16. The trade was a 15.23 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the transaction, the chief accounting officer now directly owns 18,301 shares of the company's stock, valued at $692,509.84. This represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by corporate insiders.

MGM Resorts International Stock Up 0.3 %

Shares of NYSE MGM opened at $32.07 on Tuesday. The firm has a fifty day simple moving average of $30.75 and a two-hundred day simple moving average of $34.18. The firm has a market capitalization of $8.73 billion, a PE ratio of 13.36, 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 12 month low of $25.30 and a 12 month high of $47.26.

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

MGM Resorts International announced that its board has authorized a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MGM. JMP Securities dropped their target price 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. Wells Fargo & Company boosted their price objective on shares of MGM Resorts International from $44.00 to $46.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Needham & Company LLC reaffirmed a "buy" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Morgan Stanley lowered their price target on shares of MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Finally, Stifel Nicolaus reduced their price objective on MGM Resorts International from $50.00 to $44.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average 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.

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