Primecap Management Co. CA Has $19.35 Million Stock Position in MGM Resorts International (NYSE:MGM)

Primecap Management Co. CA lessened its stake in MGM Resorts International (NYSE:MGM) by 30.1% in the 4th quarter, HoldingsChannel reports. The fund owned 558,490 shares of the company’s stock after selling 240,460 shares during the quarter. Primecap Management Co. CA’s holdings in MGM Resorts International were worth $19,352,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Victory Capital Management Inc. raised its position in MGM Resorts International by 4.3% in the 3rd quarter. Victory Capital Management Inc. now owns 114,385 shares of the company’s stock worth $4,471,000 after purchasing an additional 4,745 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of MGM Resorts International by 1.9% during the third quarter. CIBC Asset Management Inc now owns 36,350 shares of the company’s stock worth $1,421,000 after acquiring an additional 668 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of MGM Resorts International during the third quarter valued at $845,000. Quest Partners LLC bought a new position in MGM Resorts International in the third quarter valued at about $76,000. Finally, Commerce Bank increased its position in MGM Resorts International by 40.7% in the third quarter. Commerce Bank now owns 22,864 shares of the company’s stock worth $894,000 after purchasing an additional 6,610 shares during the period. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Stock Up 2.6 %

MGM Resorts International stock opened at $32.69 on Thursday. MGM Resorts International has a twelve month low of $29.99 and a twelve month high of $48.25. 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 50 day moving average of $34.03 and a 200-day moving average of $36.14. The stock has a market capitalization of $9.33 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. On average, equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MGM shares. Stifel Nicolaus raised their target price on shares of MGM Resorts International from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Mizuho raised their price objective on shares of MGM Resorts International from $56.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, February 13th. Wells Fargo & Company increased their price target on MGM Resorts International from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Jefferies Financial Group decreased their price objective on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, January 3rd. Finally, Susquehanna Bancshares increased their target price on MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.29.

Insider Buying and Selling

In other news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction dated 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 directly owns 18,301 shares in the company, valued at $692,509.84. This represents a 24.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $32.17 per share, with a total value of $321,700.00. Following the acquisition, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.13% of the stock is owned by corporate insiders.

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.