Intech Investment Management LLC Sells 9,729 Shares of MGM Resorts International (NYSE:MGM)

Intech Investment Management LLC lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 4.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 216,066 shares of the company’s stock after selling 9,729 shares during the period. Intech Investment Management LLC owned approximately 0.06% of MGM Resorts International worth $9,654,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in MGM. California Public Employees Retirement System increased its holdings in MGM Resorts International by 1.8% in the 3rd quarter. California Public Employees Retirement System now owns 576,368 shares of the company’s stock valued at $21,187,000 after buying an additional 10,157 shares during the period. Lincoln National Corp boosted its position in shares of MGM Resorts International by 15.0% during the 3rd quarter. Lincoln National Corp now owns 9,679 shares of the company’s stock valued at $356,000 after acquiring an additional 1,260 shares in the last quarter. Victory Capital Management Inc. increased its stake in MGM Resorts International by 23.0% in the third quarter. Victory Capital Management Inc. now owns 153,344 shares of the company’s stock valued at $5,637,000 after acquiring an additional 28,639 shares during the period. AdvisorShares Investments LLC raised its position in MGM Resorts International by 9.6% in the third quarter. AdvisorShares Investments LLC now owns 11,613 shares of the company’s stock worth $427,000 after purchasing an additional 1,013 shares in the last quarter. Finally, Schechter Investment Advisors LLC lifted its stake in MGM Resorts International by 12.0% during the third quarter. Schechter Investment Advisors LLC now owns 8,416 shares of the company’s stock worth $309,000 after purchasing an additional 901 shares during the period. Institutional investors own 68.11% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on MGM. Barclays upped their price objective on MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Bank Of America (Bofa) lifted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Susquehanna upgraded shares of MGM Resorts International from a “neutral” rating to a “positive” rating and boosted their target price for the company from $46.00 to $54.00 in a research note on Thursday, May 2nd. TheStreet upgraded shares of MGM Resorts International from a “c+” rating to a “b-” rating in a research report on Tuesday, February 13th. Finally, Morgan Stanley boosted their price target on shares of MGM Resorts International from $45.00 to $46.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 9th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.83.

MGM Resorts International Trading Up 2.0 %

NYSE:MGM traded up $0.79 during trading hours on Friday, hitting $39.72. 2,937,018 shares of the stock were exchanged, compared to its average volume of 4,005,313. The company has a market capitalization of $12.46 billion, a P/E ratio of 15.28, a price-to-earnings-growth ratio of 0.86 and a beta of 2.22. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 1.56. The company’s 50 day moving average is $42.98 and its two-hundred day moving average is $42.77. MGM Resorts International has a twelve month low of $34.12 and a twelve month high of $51.35.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.18. The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The firm’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 earnings per share. On average, sell-side analysts anticipate that MGM Resorts International will post 2.9 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Daniel J. Taylor sold 4,344 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $41.02, for a total transaction of $178,190.88. Following the completion of the sale, the director now directly owns 5,250 shares of the company’s stock, valued at $215,355. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Keith A. Meister sold 325,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel J. Taylor sold 4,344 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $41.02, for a total value of $178,190.88. Following the completion of the sale, the director now directly owns 5,250 shares of the company’s stock, valued at $215,355. The disclosure for this sale can be found here. In the last quarter, insiders have sold 333,688 shares of company stock valued at $14,300,967. 2.13% of the stock is currently owned by insiders.

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.