Private Trust Co. NA Cuts Stock Position in MGM Resorts International $MGM

Private Trust Co. NA lessened its position in shares of MGM Resorts International (NYSE:MGM) by 16.6% in the 2nd quarter, HoldingsChannel reports. The fund owned 2,402 shares of the company’s stock after selling 478 shares during the period. Private Trust Co. NA’s holdings in MGM Resorts International were worth $83,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Kingstone Capital Partners Texas LLC acquired a new stake in shares of MGM Resorts International in the 2nd quarter worth $171,632,000. Helikon Investments Ltd acquired a new position in MGM Resorts International during the 1st quarter valued at about $54,418,000. Fuller & Thaler Asset Management Inc. purchased a new stake in MGM Resorts International in the first quarter valued at about $47,631,000. AQR Capital Management LLC boosted its holdings in MGM Resorts International by 104.2% in the first quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company’s stock worth $75,962,000 after acquiring an additional 1,332,313 shares in the last quarter. Finally, GMT Capital Corp purchased a new stake in shares of MGM Resorts International during the first quarter worth about $36,656,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Down 0.7%

NYSE:MGM opened at $32.68 on Thursday. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. The company’s fifty day moving average price is $35.33 and its 200-day moving average price is $34.14. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $42.53. The firm has a market capitalization of $8.89 billion, a P/E ratio of 17.95, a PEG ratio of 1.43 and a beta of 1.67.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.58 by $0.21. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The firm’s revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.86 earnings per share. As a group, equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

Analysts Set New Price Targets

MGM has been the subject of a number of recent analyst reports. Mizuho lifted their target price on shares of MGM Resorts International from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, October 13th. Citizens Jmp cut shares of MGM Resorts International from an “outperform” rating to a “market perform” rating in a report on Thursday, June 26th. Morgan Stanley lifted their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 11th. Truist Financial cut their target price on MGM Resorts International from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, JMP Securities restated a “market perform” rating on shares of MGM Resorts International in a research note on Thursday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus target price of $48.50.

Insider Activity

In related news, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the transaction, the director directly owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Mcmanus sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the sale, the insider owned 31,521 shares in the company, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.06% of the company’s stock.

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.