Van ECK Associates Corp Has $2.27 Million Position in MGM Resorts International (NYSE:MGM)

Van ECK Associates Corp lowered its holdings in MGM Resorts International (NYSE:MGM) by 8.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,698 shares of the company’s stock after selling 4,862 shares during the quarter. Van ECK Associates Corp’s holdings in MGM Resorts International were worth $2,265,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Davis Selected Advisers bought a new stake in shares of MGM Resorts International during the 3rd quarter worth $361,915,000. Boston Partners raised its stake in shares of 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 during the period. Invesco Ltd. raised its stake in shares of MGM Resorts International by 14.6% during the 3rd quarter. Invesco Ltd. now owns 3,940,156 shares of the company’s stock worth $144,840,000 after purchasing an additional 500,566 shares during the period. Ameriprise Financial Inc. raised its stake in shares of MGM Resorts International by 4.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,527,893 shares of the company’s stock worth $92,923,000 after purchasing an additional 106,158 shares during the period. Finally, Qube Research & Technologies Ltd raised its stake in shares of MGM Resorts International by 544.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,995,768 shares of the company’s stock worth $73,364,000 after purchasing an additional 1,686,267 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on MGM. TheStreet upgraded MGM Resorts International from a “c+” rating to a “b-” rating in a research note on Tuesday, February 13th. Deutsche Bank Aktiengesellschaft boosted their price objective on MGM Resorts International from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. StockNews.com upgraded MGM Resorts International from a “hold” rating to a “buy” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. boosted their price objective on MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Finally, Susquehanna upgraded MGM Resorts International from a “neutral” rating to a “positive” rating and boosted their price objective for the company from $46.00 to $54.00 in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.83.

MGM Resorts International Stock Down 0.9 %

Shares of NYSE MGM opened at $40.64 on Wednesday. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $51.35. The company has a current ratio of 1.51, a quick ratio of 1.46 and a debt-to-equity ratio of 1.56. The firm has a market capitalization of $12.75 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 0.95 and a beta of 2.22. The business has a 50-day moving average of $43.48 and a 200-day moving average of $42.40.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the previous year, the firm earned $0.44 earnings per share. MGM Resorts International’s revenue was up 13.2% on a year-over-year basis. Sell-side analysts expect that MGM Resorts International will post 2.76 earnings per share for the current fiscal year.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 325,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the completion of the transaction, the director now 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. 2.83% of the stock is owned by insiders.

MGM Resorts International Company 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.