OVERSEA CHINESE BANKING Corp Ltd Sells 86,927 Shares of MGM Resorts International $MGM

OVERSEA CHINESE BANKING Corp Ltd lessened its holdings in shares of MGM Resorts International (NYSE:MGM) by 58.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 62,673 shares of the company’s stock after selling 86,927 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in MGM Resorts International were worth $2,118,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. XML Financial LLC grew its holdings in shares of MGM Resorts International by 0.9% during the second quarter. XML Financial LLC now owns 30,884 shares of the company’s stock worth $1,062,000 after purchasing an additional 287 shares during the last quarter. Concurrent Investment Advisors LLC lifted its stake in MGM Resorts International by 4.1% in the second quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company’s stock valued at $274,000 after buying an additional 315 shares during the period. Amalgamated Bank lifted its stake in MGM Resorts International by 0.8% in the first quarter. Amalgamated Bank now owns 43,933 shares of the company’s stock valued at $1,302,000 after buying an additional 329 shares during the period. Quarry LP raised its position in shares of MGM Resorts International by 24.1% during the first quarter. Quarry LP now owns 1,795 shares of the company’s stock worth $53,000 after purchasing an additional 349 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its position in shares of MGM Resorts International by 0.7% during the second quarter. DekaBank Deutsche Girozentrale now owns 55,666 shares of the company’s stock worth $1,917,000 after purchasing an additional 399 shares during the period. Institutional investors own 68.11% of the company’s stock.

Insiders Place Their Bets

In related news, Director Keith A. Meister sold 242,000 shares of the business’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the sale, the director owned 5,385,478 shares in the company, valued at $190,753,630.76. The trade was a 4.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John Mcmanus sold 60,000 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the sale, the insider owned 31,521 shares in the company, valued at $1,138,538.52. This trade represents a 65.56% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.06% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the topic of a number of research analyst reports. UBS Group dropped their price target on MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating on the stock in a research report on Thursday, September 11th. Stifel Nicolaus decreased their price target on MGM Resorts International from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, October 22nd. Susquehanna lifted their target price on MGM Resorts International from $50.00 to $60.00 and gave the stock a “positive” rating in a research note on Tuesday, July 29th. The Goldman Sachs Group reduced their target price on MGM Resorts International from $37.00 to $34.00 and set a “sell” rating for the company in a research note on Wednesday, October 1st. Finally, Macquarie dropped their price target on MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $48.50.

MGM Resorts International Trading Up 0.3%

Shares of MGM opened at $32.91 on Tuesday. The firm has a market cap of $8.96 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 1.48 and a beta of 1.67. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. The business’s fifty day moving average is $35.13 and its 200-day moving average is $34.34.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.MGM Resorts International’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 EPS. Equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International Company 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.