MGM Resorts International (NYSE:MGM) Stake Lifted by Czech National Bank

Czech National Bank increased its stake in MGM Resorts International (NYSE:MGM) by 4.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,386 shares of the company’s stock after acquiring an additional 2,323 shares during the period. Czech National Bank’s holdings in MGM Resorts International were worth $1,523,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Davis Selected Advisers boosted its holdings in shares of MGM Resorts International by 4.6% in the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after acquiring an additional 882,417 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of MGM Resorts International by 22.5% in the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock valued at $200,462,000 after acquiring an additional 1,063,707 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of MGM Resorts International by 50.9% in the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock valued at $112,048,000 after acquiring an additional 1,090,533 shares in the last quarter. Norges Bank bought a new position in shares of MGM Resorts International in the fourth quarter valued at approximately $88,033,000. Finally, Southeastern Asset Management Inc. TN boosted its holdings in shares of MGM Resorts International by 9.6% in the fourth quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company’s stock valued at $83,477,000 after acquiring an additional 211,245 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on MGM shares. Wall Street Zen upgraded shares of MGM Resorts International from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Canaccord Genuity Group restated a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Leerink Partners cut shares of MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Wells Fargo & Company raised their target price on shares of MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Finally, Needham & Company LLC restated a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and a consensus target price of $48.94.

MGM Resorts International Stock Up 0.2%

MGM stock opened at $32.03 on Thursday. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $47.26. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The company has a market cap of $8.72 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 0.98 and a beta of 1.78. The company has a 50 day moving average of $30.90 and a two-hundred day moving average of $33.33.

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

MGM Resorts International declared that its board has authorized 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 reacquire up to 22.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the sale, the chief operating officer now owns 281,530 shares in the company, valued at $9,693,077.90. This represents a 12.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. 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.