Fjarde AP Fonden Fourth Swedish National Pension Fund Sells 24,600 Shares of MGM Resorts International (NYSE:MGM)

Fjarde AP Fonden Fourth Swedish National Pension Fund cut its stake in shares of MGM Resorts International (NYSE:MGM) by 41.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,156 shares of the company’s stock after selling 24,600 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in MGM Resorts International were worth $1,184,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MGM. MidAtlantic Capital Management Inc. bought a new position in shares of MGM Resorts International during the 3rd quarter valued at approximately $28,000. Global Trust Asset Management LLC purchased a new position in MGM Resorts International in the 4th quarter worth approximately $28,000. Global Retirement Partners LLC lifted its holdings in MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after purchasing an additional 404 shares in the last quarter. Brooklyn Investment Group purchased a new position in MGM Resorts International in the 3rd quarter worth approximately $44,000. Finally, Planning Capital Management Corp purchased a new position in MGM Resorts International in the 3rd quarter worth approximately $45,000. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Stock Performance

NYSE:MGM opened at $35.13 on Thursday. The stock’s fifty day moving average is $34.59 and its 200 day moving average is $36.78. MGM Resorts International has a fifty-two week low of $31.61 and a fifty-two week high of $48.24. The firm has a market capitalization of $10.03 billion, a PE ratio of 14.64, a PEG ratio of 0.98 and a beta of 2.20. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. On average, sell-side analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the sale, the director now owns 5,687,478 shares in the company, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares in the company, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their position. The disclosure for this sale can be found here. 2.83% of the stock is currently owned by insiders.

Analysts Set New Price Targets

MGM has been the topic of a number of research analyst reports. Macquarie reissued an “outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a report on Thursday, February 13th. Needham & Company LLC reissued a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Morgan Stanley boosted their price target on MGM Resorts International from $39.00 to $41.00 and gave the stock an “equal weight” rating in a report on Monday. JMP Securities reissued a “market outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Citigroup upped their price objective on MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Six 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, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus price target of $51.29.

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.