Massachusetts Financial Services Co. MA Sells 57,034 Shares of MGM Resorts International (NYSE:MGM)

Massachusetts Financial Services Co. MA cut its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 71.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,290 shares of the company's stock after selling 57,034 shares during the quarter. Massachusetts Financial Services Co. MA's holdings in MGM Resorts International were worth $1,041,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Davis Selected Advisers purchased a new stake in shares of MGM Resorts International during the third quarter valued at $361,915,000. Boston Partners lifted its position in MGM Resorts International by 36.3% during the fourth quarter. Boston Partners now owns 5,427,254 shares of the company's stock valued at $242,002,000 after purchasing an additional 1,446,362 shares during the period. Fisher Asset Management LLC lifted its position in MGM Resorts International by 4.9% during the fourth quarter. Fisher Asset Management LLC now owns 4,346,250 shares of the company's stock valued at $194,190,000 after purchasing an additional 202,434 shares during the period. Invesco Ltd. lifted its position in MGM Resorts International by 14.6% during the third quarter. Invesco Ltd. now owns 3,940,156 shares of the company's stock valued at $144,840,000 after purchasing an additional 500,566 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in MGM Resorts International by 4.4% during the third quarter. Ameriprise Financial Inc. now owns 2,527,893 shares of the company's stock valued at $92,923,000 after purchasing an additional 106,158 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MGM has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of MGM Resorts International from $54.00 to $57.00 and gave the company an "overweight" rating in a research report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft boosted their target price on shares of MGM Resorts International from $50.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, February 14th. Mizuho upped their price objective on shares of MGM Resorts International from $61.00 to $62.00 and gave the stock a "buy" rating in a research report on Thursday, May 2nd. StockNews.com downgraded shares of MGM Resorts International from a "buy" rating to a "hold" rating in a research report on Friday, May 10th. Finally, Bank Of America (Bofa) upped their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $54.83.

Insiders Place Their Bets

In other MGM Resorts International news, Director Alexis Herman sold 4,344 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the sale, the director now directly owns 6,098,778 shares in the company, valued at approximately $261,637,576.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Alexis Herman sold 4,344 shares of MGM Resorts International stock in a transaction on Friday, May 17th. The stock was sold at an average price of $41.50, for a total transaction of $180,276.00. The disclosure for this sale can be found here. Insiders have sold a total of 333,688 shares of company stock worth $14,300,967 in the last ninety days. 2.83% of the stock is owned by corporate insiders.

MGM Resorts International Trading Down 1.3 %

Shares of NYSE:MGM traded down $0.55 during mid-day trading on Tuesday, reaching $40.81. 2,483,079 shares of the company were exchanged, compared to its average volume of 3,834,221. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.46. The firm has a market cap of $12.80 billion, a price-to-earnings ratio of 15.70, a P/E/G ratio of 0.91 and a beta of 2.22. The firm's 50-day simple moving average is $43.17 and its 200 day simple moving average is $42.78. MGM Resorts International has a 1 year low of $34.12 and a 1 year high of $51.35.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.18. The firm had revenue of $4.38 billion during the quarter, compared to analysts' expectations of $4.24 billion. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The firm's quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter last year, the company posted $0.44 EPS. Equities research analysts forecast that MGM Resorts International will post 2.9 EPS for the current year.

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.