Bank of Nova Scotia Reduces Position in MGM Resorts International (NYSE:MGM)

Bank of Nova Scotia lowered its stake in MGM Resorts International (NYSE:MGM – Get Rating) by 4.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,808 shares of the company’s stock after selling 1,275 shares during the period. Bank of Nova Scotia’s holdings in MGM Resorts International were worth $865,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quantinno Capital Management LP acquired a new stake in MGM Resorts International during the 3rd quarter valued at approximately $280,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in MGM Resorts International by 11.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,525 shares of the company’s stock valued at $1,858,000 after purchasing an additional 6,248 shares during the last quarter. Bleakley Financial Group LLC acquired a new stake in MGM Resorts International during the 4th quarter worth about $342,000. Penn Capital Management Company LLC grew its position in MGM Resorts International by 20.4% during the 3rd quarter. Penn Capital Management Company LLC now owns 56,774 shares of the company’s stock worth $1,712,000 after purchasing an additional 9,624 shares during the period. Finally, HighTower Advisors LLC raised its stake in shares of MGM Resorts International by 12.6% during the 4th quarter. HighTower Advisors LLC now owns 250,875 shares of the company’s stock valued at $8,379,000 after buying an additional 28,112 shares during the last quarter. 82.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MGM has been the topic of several analyst reports. Barclays raised their target price on MGM Resorts International from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, April 21st. Susquehanna boosted their target price on shares of MGM Resorts International from $38.00 to $51.00 in a research note on Wednesday, May 3rd. Stifel Nicolaus lifted their price objective on shares of MGM Resorts International from $53.00 to $56.00 in a report on Tuesday, May 2nd. StockNews.com started coverage on shares of MGM Resorts International in a research note on Thursday, May 18th. They set a “buy” rating on the stock. Finally, JPMorgan Chase & Co. lifted their price target on MGM Resorts International from $55.00 to $60.00 in a research note on Tuesday, May 2nd. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.13.

Insiders Place Their Bets

In other MGM Resorts International news, COO Corey Ian Sanders sold 50,000 shares of the business’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $44.42, for a total transaction of $2,221,000.00. Following the transaction, the chief operating officer now owns 161,632 shares of the company’s stock, valued at $7,179,693.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Corey Ian Sanders sold 50,000 shares of MGM Resorts International stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $44.42, for a total transaction of $2,221,000.00. Following the transaction, the chief operating officer now owns 161,632 shares in the company, valued at approximately $7,179,693.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Alexis Herman sold 2,350 shares of the business’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $42.63, for a total transaction of $100,180.50. Following the transaction, the director now directly owns 14,797 shares in the company, valued at approximately $630,796.11. The disclosure for this sale can be found here. Insiders have sold 55,220 shares of company stock valued at $2,445,251 in the last ninety days. 2.39% of the stock is currently owned by corporate insiders.

MGM Resorts International Stock Down 5.1 %

Shares of MGM opened at $40.17 on Wednesday. The stock has a 50 day moving average price of $43.05 and a 200 day moving average price of $40.31. MGM Resorts International has a one year low of $26.41 and a one year high of $46.37. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.15 and a current ratio of 2.19. The stock has a market capitalization of $14.61 billion, a price-to-earnings ratio of 8.58 and a beta of 2.06.

MGM Resorts International (NYSE:MGM – Get Rating) last issued its earnings results on Monday, May 1st. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.40. MGM Resorts International had a net margin of 13.84% and a negative return on equity of 1.33%. The business had revenue of $3.90 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same period in the prior year, the business earned $0.01 earnings per share. The company’s quarterly revenue was up 36.6% compared to the same quarter last year. Equities research analysts forecast that MGM Resorts International will post 1.89 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has approved a share repurchase plan on Wednesday, February 8th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 12.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

About MGM Resorts International

(Get Rating)

MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.