Nordea Investment Management AB Decreases Stock Position in MGM Resorts International (NYSE:MGM)

Nordea Investment Management AB trimmed its holdings in shares of MGM Resorts International (NYSE:MGMFree Report) by 86.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,317 shares of the company’s stock after selling 93,352 shares during the period. Nordea Investment Management AB’s holdings in MGM Resorts International were worth $641,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Tyler Stone Wealth Management purchased a new stake in shares of MGM Resorts International during the 2nd quarter valued at about $26,000. Mendota Financial Group LLC bought a new stake in shares of MGM Resorts International in the third quarter worth $27,000. International Assets Investment Management LLC purchased a new stake in MGM Resorts International during the third quarter valued at $28,000. ICA Group Wealth Management LLC bought a new position in MGM Resorts International in the fourth quarter valued at about $28,000. Finally, ST Germain D J Co. Inc. purchased a new position in MGM Resorts International in the second quarter worth about $31,000. Institutional investors own 66.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MGM shares. Macquarie reiterated an “outperform” rating and issued a $58.00 price objective on shares of MGM Resorts International in a research note on Wednesday, February 14th. JPMorgan Chase & Co. increased their price target on shares of MGM Resorts International from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 14th. Bank Of America (Bofa) lifted their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. TheStreet upgraded MGM Resorts International from a “c+” rating to a “b-” rating in a research note on Tuesday, February 13th. Finally, JMP Securities reiterated a “market outperform” rating and set a $57.00 target price on shares of MGM Resorts International in a research report on Wednesday, February 14th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $55.28.

Read Our Latest Report on MGM Resorts International

MGM Resorts International Stock Up 4.3 %

Shares of MGM opened at $46.46 on Wednesday. The business’s 50 day moving average is $43.50 and its 200 day moving average is $41.15. The company has a current ratio of 1.57, a quick ratio of 1.53 and a debt-to-equity ratio of 1.46. MGM Resorts International has a 12-month low of $34.12 and a 12-month high of $51.35. The company has a market capitalization of $14.73 billion, a PE ratio of 14.66, a price-to-earnings-growth ratio of 1.47 and a beta of 2.18.

MGM Resorts International (NYSE:MGMGet Free Report) last released its quarterly earnings data on Tuesday, February 13th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.39. MGM Resorts International had a net margin of 7.07% and a return on equity of 20.51%. The firm had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.14 billion. During the same quarter last year, the business posted $0.69 earnings per share. The company’s revenue for the quarter was up 21.8% compared to the same quarter last year. Research analysts expect that MGM Resorts International will post 2.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 325,000 shares of the firm’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 in the company, valued at $261,637,576.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.13% of the company’s stock.

MGM Resorts International Profile

(Free Report)

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.

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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