MGM Resorts International (NYSE:MGM) Shares Sold by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 11.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 52,705 shares of the company’s stock after selling 6,585 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in MGM Resorts International were worth $1,826,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. ArrowMark Colorado Holdings LLC increased its position in shares of MGM Resorts International by 42.8% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company’s stock worth $32,473,000 after purchasing an additional 280,700 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of MGM Resorts International by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock worth $79,110,000 after purchasing an additional 38,749 shares during the last quarter. Korea Investment CORP increased its position in shares of MGM Resorts International by 964.3% during the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company’s stock worth $5,034,000 after purchasing an additional 131,636 shares during the last quarter. ACR Alpine Capital Research LLC increased its position in shares of MGM Resorts International by 23.3% during the 4th quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company’s stock worth $5,613,000 after purchasing an additional 30,605 shares during the last quarter. Finally, Davis Selected Advisers increased its position in shares of MGM Resorts International by 4.6% during the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock worth $690,253,000 after purchasing an additional 882,417 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at MGM Resorts International

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were bought at an average cost 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 approximately $2,433,596.16. This trade represents a 15.23% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Todd Meinert sold 6,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, the chief accounting officer now owns 18,301 shares in the company, valued at $692,509.84. This represents a 24.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,261 shares of company stock worth $1,788,007 over the last three months. Insiders own 3.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MGM shares. Macquarie dropped their target price on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Truist Financial dropped their target price on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Susquehanna Bancshares lifted their target price on MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Argus raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Friday, February 14th. Finally, Capital One Financial lifted their target price on MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Four investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.94.

MGM Resorts International Stock Down 1.7%

MGM stock opened at $34.35 on Friday. The company’s 50 day moving average price is $30.81 and its 200 day moving average price is $33.87. 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 has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.19. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.74 earnings per share. On average, equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its Board of Directors has approved a share repurchase plan on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 22.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.