Truist Financial Corp Sells 3,217 Shares of MGM Resorts International (NYSE:MGM)

Truist Financial Corp cut its holdings in MGM Resorts International (NYSE:MGM) by 4.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 66,619 shares of the company’s stock after selling 3,217 shares during the quarter. Truist Financial Corp’s holdings in MGM Resorts International were worth $2,977,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Davis Selected Advisers acquired a new position in shares of MGM Resorts International in the third quarter valued at approximately $361,915,000. Boston Partners increased its holdings in MGM Resorts International by 1,447.6% during the 3rd quarter. Boston Partners now owns 3,980,892 shares of the company’s stock worth $145,916,000 after purchasing an additional 3,723,659 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in shares of MGM Resorts International by 544.8% in the third quarter. Qube Research & Technologies Ltd now owns 1,995,768 shares of the company’s stock valued at $73,364,000 after purchasing an additional 1,686,267 shares in the last quarter. Invesco Ltd. boosted its position in shares of MGM Resorts International by 14.6% during the third quarter. Invesco Ltd. now owns 3,940,156 shares of the company’s stock worth $144,840,000 after buying an additional 500,566 shares during the period. Finally, QRG Capital Management Inc. bought a new position in shares of MGM Resorts International during the third quarter worth about $13,930,000. 68.11% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 325,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the transaction, the director now directly owns 6,098,778 shares of the company’s stock, valued at $261,637,576.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.83% of the company’s stock.

MGM Resorts International Stock Down 0.9 %

Shares of MGM opened at $40.64 on Wednesday. The firm’s 50-day simple moving average is $43.48 and its 200 day simple moving average is $42.40. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51. The firm has a market cap of $12.75 billion, a P/E ratio of 15.63, a price-to-earnings-growth ratio of 0.95 and a beta of 2.22. MGM Resorts International has a 52 week low of $34.12 and a 52 week high of $51.35.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.18. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The company had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter last year, the company earned $0.44 earnings per share. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. On average, analysts forecast that MGM Resorts International will post 2.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

MGM has been the subject of a number of recent research reports. Barclays upped their price target on MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Mizuho boosted their price target on shares of MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Susquehanna upgraded MGM Resorts International from a “neutral” rating to a “positive” rating and raised their price objective for the company from $46.00 to $54.00 in a report on Thursday, May 2nd. JPMorgan Chase & Co. upped their target price on MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Finally, Bank Of America (Bofa) raised their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.83.

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.