Bamco Inc. NY Sells 884,233 Shares of MGM Resorts International (NYSE:MGM)

Bamco Inc. NY lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 87.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 131,063 shares of the company’s stock after selling 884,233 shares during the quarter. Bamco Inc. NY’s holdings in MGM Resorts International were worth $4,541,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new position in MGM Resorts International in the 3rd quarter valued at $55,000. Tidal Investments LLC boosted its holdings in MGM Resorts International by 269.7% during the third quarter. Tidal Investments LLC now owns 33,050 shares of the company’s stock valued at $1,292,000 after acquiring an additional 24,111 shares during the period. Synovus Financial Corp acquired a new stake in shares of MGM Resorts International in the third quarter valued at about $309,000. Czech National Bank increased its stake in shares of MGM Resorts International by 4.3% in the fourth quarter. Czech National Bank now owns 49,063 shares of the company’s stock worth $1,700,000 after purchasing an additional 2,043 shares during the period. Finally, Miracle Mile Advisors LLC acquired a new position in shares of MGM Resorts International during the 4th quarter worth about $2,010,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Buying and Selling

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

MGM Resorts International Stock Performance

NYSE:MGM opened at $32.07 on Tuesday. The stock has a market capitalization of $8.73 billion, a P/E 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 1 year low of $25.30 and a 1 year high of $47.26. The firm has a 50 day moving average of $30.75 and a 200-day moving average of $34.18.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the previous year, the company posted $0.74 EPS. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its board has initiated a share repurchase plan on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 22.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have commented on the company. Barclays lifted their price target on MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a research report on Thursday, May 1st. Leerink Partners lowered shares of MGM Resorts International to a “market perform” rating in a research report on Thursday, February 13th. Morgan Stanley reduced 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 report on Wednesday, April 16th. Wedbush restated an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, BTIG Research cut shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Monday, February 3rd. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.