Korea Investment CORP Has $5.03 Million Holdings in MGM Resorts International (NYSE:MGM)

Korea Investment CORP increased its stake in shares of MGM Resorts International (NYSE:MGM) by 964.3% during the fourth quarter, HoldingsChannel reports. The fund owned 145,287 shares of the company’s stock after buying an additional 131,636 shares during the period. Korea Investment CORP’s holdings in MGM Resorts International were worth $5,034,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in MGM Resorts International by 0.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,200 shares of the company’s stock worth $2,080,000 after purchasing an additional 309 shares in the last quarter. Ballentine Partners LLC boosted its position in shares of MGM Resorts International by 5.4% during the fourth quarter. Ballentine Partners LLC now owns 6,553 shares of the company’s stock worth $227,000 after buying an additional 333 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its holdings in shares of MGM Resorts International by 1.7% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company’s stock worth $684,000 after buying an additional 333 shares in the last quarter. Global Retirement Partners LLC raised its position 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 valued at $43,000 after buying an additional 404 shares during the last quarter. Finally, Assetmark Inc. lifted its stake in MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after acquiring an additional 411 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MGM has been the subject of several research reports. Stifel Nicolaus raised their price target on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. BTIG Research lowered shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Monday, February 3rd. Barclays restated an “equal weight” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Citigroup lifted their target price on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, Morgan Stanley increased their price target on MGM Resorts International from $39.00 to $41.00 and gave the company an “equal weight” rating in a research report on Monday, February 24th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and an average price target of $51.29.

Insider Buying and Selling

In other news, CAO Todd Meinert sold 6,000 shares of MGM Resorts International 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 completion of the sale, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the purchase, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. 2.13% of the stock is currently owned by insiders.

MGM Resorts International Price Performance

Shares of MGM opened at $29.67 on Tuesday. The firm has a market capitalization of $8.47 billion, a PE ratio of 12.36, a PEG ratio of 0.98 and a beta of 2.18. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. The company’s 50-day moving average is $33.84 and its 200-day moving average is $35.90. MGM Resorts International has a fifty-two week low of $28.63 and a fifty-two week high of $48.25.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. Equities analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International 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.