Nissay Asset Management Corp Japan ADV Sells 569 Shares of MGM Resorts International (NYSE:MGM)

Nissay Asset Management Corp Japan ADV lessened its stake in MGM Resorts International (NYSE:MGM) by 2.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,982 shares of the company’s stock after selling 569 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in MGM Resorts International were worth $973,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Global Trust Asset Management LLC bought a new stake in shares of MGM Resorts International in the 4th quarter worth approximately $28,000. Assetmark Inc. grew its holdings in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after acquiring an additional 411 shares during the period. Global Retirement Partners LLC grew its holdings in shares of MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after acquiring an additional 404 shares during the period. Quarry LP grew its holdings in shares of MGM Resorts International by 750.6% during the 4th quarter. Quarry LP now owns 1,446 shares of the company’s stock worth $50,000 after acquiring an additional 1,276 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of MGM Resorts International by 74.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company’s stock worth $51,000 after acquiring an additional 633 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Transactions at MGM Resorts International

In related news, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the transaction, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This trade represents a 24.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel J. Taylor sold 5,261 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders have sold a total of 51,261 shares of company stock worth $1,788,007 in the last ninety days. Insiders own 3.06% of the company’s stock.

Analyst Ratings Changes

MGM has been the topic of a number of research analyst reports. Argus upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Friday, February 14th. Leerink Partners downgraded MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. JMP Securities reduced their target price on MGM Resorts International from $50.00 to $45.00 and set a “market outperform” rating on the stock in a report on Thursday, April 17th. Needham & Company LLC restated a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, Macquarie cut their price target on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price of $48.94.

MGM Resorts International Stock Performance

Shares of MGM opened at $33.96 on Monday. The business’s fifty day simple moving average is $30.87 and its two-hundred day simple moving average is $33.74. The company has a market cap of $9.24 billion, a price-to-earnings ratio of 14.15, a P/E/G 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 12 month low of $25.30 and a 12 month high of $47.26.

MGM Resorts International (NYSE:MGM) last released its quarterly 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. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period last year, the business posted $0.74 EPS. Research 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 of Directors has approved a share buyback program on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 22.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are 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.