Provident Investment Management Inc. Lowers Stock Holdings in MGM Resorts International (NYSE:MGM)

Provident Investment Management Inc. trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 42.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 434,172 shares of the company’s stock after selling 322,929 shares during the period. MGM Resorts International makes up about 1.4% of Provident Investment Management Inc.’s investment portfolio, making the stock its 21st largest position. Provident Investment Management Inc.’s holdings in MGM Resorts International were worth $15,044,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of MGM. Charles Schwab Investment Management Inc. raised its holdings in MGM Resorts International by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock worth $79,110,000 after purchasing an additional 38,749 shares in the last quarter. ACR Alpine Capital Research LLC lifted its position in MGM Resorts International by 23.3% in the 4th quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company’s stock valued at $5,613,000 after acquiring an additional 30,605 shares in the last quarter. Davis Selected Advisers lifted its holdings in shares of MGM Resorts International by 4.6% during the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after purchasing an additional 882,417 shares in the last quarter. Miracle Mile Advisors LLC bought a new stake in shares of MGM Resorts International in the fourth quarter worth approximately $2,010,000. Finally, Assenagon Asset Management S.A. raised its stake in MGM Resorts International by 80.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock valued at $12,411,000 after buying an additional 159,522 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on MGM. Needham & Company LLC restated a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. JMP Securities reissued a “market outperform” rating and issued a $50.00 target price on shares of MGM Resorts International in a report on Thursday, February 13th. Argus raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Friday, February 14th. Canaccord Genuity Group reissued a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Stifel Nicolaus boosted their price target on MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $51.29.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $27.86 on Friday. The firm has a 50 day moving average of $33.63 and a two-hundred day moving average of $35.76. The stock has a market capitalization of $7.88 billion, a PE ratio of 11.61, a P/E/G ratio of 0.98 and a beta of 1.96. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 52 week low of $27.50 and a 52 week high of $47.45.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping the consensus estimate 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, research analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Activity

In other news, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the acquisition, the chief financial officer now directly owns 75,648 shares in the company, valued at approximately $2,433,596.16. The trade was a 15.23 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the sale, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

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.