Swiss National Bank Sells 225,100 Shares of MGM Resorts International $MGM

Swiss National Bank trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 35.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 404,800 shares of the company’s stock after selling 225,100 shares during the quarter. Swiss National Bank owned about 0.15% of MGM Resorts International worth $13,921,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Bayforest Capital Ltd purchased a new position in shares of MGM Resorts International during the first quarter worth about $43,000. MassMutual Private Wealth & Trust FSB lifted its position in MGM Resorts International by 66.9% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock valued at $45,000 after purchasing an additional 529 shares during the last quarter. Quarry LP lifted its position in MGM Resorts International by 24.1% during the first quarter. Quarry LP now owns 1,795 shares of the company’s stock valued at $53,000 after purchasing an additional 349 shares during the last quarter. Assetmark Inc. grew its stake in MGM Resorts International by 120.3% in the 2nd quarter. Assetmark Inc. now owns 1,813 shares of the company’s stock worth $62,000 after buying an additional 990 shares in the last quarter. Finally, Hantz Financial Services Inc. increased its holdings in shares of MGM Resorts International by 27.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,986 shares of the company’s stock worth $68,000 after buying an additional 423 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Up 1.9%

MGM opened at $34.80 on Friday. The company has a market cap of $9.52 billion, a P/E ratio of 217.47, a P/E/G ratio of 1.40 and a beta of 1.66. The business’s 50-day moving average price is $32.94 and its 200-day moving average price is $34.58. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $41.32.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.13). The company had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 16.95%. The company’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.54 earnings per share. On average, equities analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

Analyst Upgrades and Downgrades

MGM has been the subject of a number of research analyst reports. Citigroup dropped their price objective on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a report on Thursday, October 30th. Argus reduced their target price on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, November 14th. Morgan Stanley lifted their price target on MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 11th. Truist Financial cut their price objective on MGM Resorts International from $48.00 to $47.00 and set a “buy” rating for the company in a report on Thursday, October 30th. Finally, Macquarie reduced their price objective on MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, October 2nd. Thirteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $45.97.

Insider Activity at MGM Resorts International

In related news, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction on 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 transaction, the insider directly owned 31,521 shares of the company’s stock, valued at $1,138,538.52. The trade was a 65.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Keith A. Meister sold 242,000 shares of the company’s stock in a transaction on Thursday, September 11th. The shares were 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 of the company’s stock, valued at $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.06% of the stock is currently owned by company 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.