Mirae Asset Global Investments Co. Ltd. Reduces Holdings in MGM Resorts International (NYSE:MGM)

Mirae Asset Global Investments Co. Ltd. trimmed its stake in shares of MGM Resorts International (NYSE:MGM) by 26.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,213 shares of the company’s stock after selling 9,947 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in MGM Resorts International were worth $1,216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of MGM. Davis Selected Advisers bought a new position in shares of MGM Resorts International in the third quarter worth approximately $361,915,000. Boston Partners grew its holdings in MGM Resorts International by 1,447.6% in the 3rd quarter. Boston Partners now owns 3,980,892 shares of the company’s stock worth $145,916,000 after acquiring an additional 3,723,659 shares during the last quarter. Qube Research & Technologies Ltd increased its position 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 acquiring an additional 1,686,267 shares during the period. Invesco Ltd. raised its stake 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 valued at $144,840,000 after acquiring an additional 500,566 shares during the last quarter. Finally, QRG Capital Management Inc. purchased a new stake in shares of MGM Resorts International during the third quarter worth about $13,930,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MGM has been the topic of several recent analyst reports. Morgan Stanley raised their target price on MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. Bank Of America (Bofa) boosted their target price 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. StockNews.com cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Barclays decreased their price objective on shares of MGM Resorts International from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. Finally, Mizuho assumed coverage on shares of MGM Resorts International in a research note on Tuesday, March 26th. They set a “buy” rating and a $61.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus price target of $55.34.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of MGM Resorts International stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total value of $13,942,500.00. Following the completion of 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 filing with the Securities & Exchange Commission, which can be accessed through this link. 2.83% of the stock is currently owned by company insiders.

MGM Resorts International Stock Performance

Shares of MGM opened at $42.43 on Tuesday. The company has a quick ratio of 1.53, a current ratio of 1.57 and a debt-to-equity ratio of 1.46. The stock has a market cap of $13.45 billion, a P/E ratio of 13.38, a P/E/G ratio of 1.75 and a beta of 2.19. The business’s 50 day moving average price is $43.81 and its 200-day moving average price is $42.05. 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 quarterly earnings data on Tuesday, February 13th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.39. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. The business had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.14 billion. During the same quarter in the previous year, the business earned $0.69 earnings per share. The firm’s quarterly revenue was up 21.8% compared to the same quarter last year. Equities research analysts anticipate that MGM Resorts International will post 2.46 earnings per share for the current fiscal year.

MGM Resorts International 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.