PNC Financial Services Group Inc. Sells 4,894 Shares of MGM Resorts International (NYSE:MGM)

PNC Financial Services Group Inc. reduced its holdings in MGM Resorts International (NYSE:MGM) by 11.6% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 37,152 shares of the company’s stock after selling 4,894 shares during the quarter. PNC Financial Services Group Inc.’s holdings in MGM Resorts International were worth $1,452,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Boston Partners lifted its position in MGM Resorts International by 12.6% during the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after purchasing an additional 684,676 shares during the last quarter. Empower Advisory Group LLC lifted its holdings in shares of MGM Resorts International by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock worth $61,430,000 after acquiring an additional 62,997 shares during the last quarter. Marshall Wace LLP grew its position in MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after acquiring an additional 706,159 shares in the last quarter. Key Colony Management LLC increased its stake in MGM Resorts International by 11.1% in the third quarter. Key Colony Management LLC now owns 883,000 shares of the company’s stock valued at $34,516,000 after acquiring an additional 88,000 shares during the last quarter. Finally, Goldentree Asset Management LP purchased a new stake in MGM Resorts International during the first quarter valued at about $35,726,000. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This represents a 2.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.83% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on MGM shares. Morgan Stanley increased their price objective on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Macquarie decreased their price target on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Barclays cut their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Wells Fargo & Company decreased their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Finally, Susquehanna upped their price target on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.85.

MGM Resorts International Price Performance

Shares of MGM stock opened at $37.55 on Wednesday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The firm has a market cap of $11.18 billion, a P/E ratio of 13.37, a P/E/G ratio of 2.70 and a beta of 2.23. The business’s 50 day moving average price is $38.68 and its 200-day moving average price is $39.69.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The company had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter last year, the firm earned $0.64 EPS. The business’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts anticipate that MGM Resorts International will post 2.5 earnings per share 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.