Truist Financial Corp Cuts Stake in MGM Resorts International (NYSE:MGM)

Truist Financial Corp lessened its stake in shares of MGM Resorts International (NYSE:MGM) by 4.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor 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 filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in MGM. Davis Selected Advisers purchased a new stake in shares of MGM Resorts International during the 3rd quarter worth approximately $361,915,000. Boston Partners increased its stake in shares of MGM Resorts International by 1,447.6% in the third 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 raised 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 purchasing an additional 1,686,267 shares during the period. Invesco Ltd. lifted 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 valued at $144,840,000 after buying an additional 500,566 shares in the last quarter. Finally, QRG Capital Management Inc. bought a new position in MGM Resorts International in the 3rd quarter worth approximately $13,930,000. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 325,000 shares of the company’s stock in a transaction on 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 sale, the director now owns 6,098,778 shares of the company’s stock, valued at approximately $261,637,576.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.83% of the company’s stock.

MGM Resorts International Stock Down 0.9 %

Shares of NYSE:MGM opened at $40.64 on Wednesday. The firm has a market capitalization of $12.75 billion, a PE ratio of 15.63, a price-to-earnings-growth ratio of 0.95 and a beta of 2.22. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51. MGM Resorts International has a 52-week low of $34.12 and a 52-week high of $51.35. The firm has a fifty day moving average of $43.48 and a 200 day moving average of $42.40.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.18. The firm had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.24 billion. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The company’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 EPS. As a group, research analysts anticipate that MGM Resorts International will post 2.76 EPS for the current fiscal year.

Analysts Set New Price Targets

MGM has been the topic of several recent research reports. Morgan Stanley increased their target price on MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Susquehanna upgraded MGM Resorts International from a “neutral” rating to a “positive” rating and raised their target price for the stock from $46.00 to $54.00 in a research note on Thursday, May 2nd. JPMorgan Chase & Co. increased their price target on shares of MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. TheStreet raised shares of MGM Resorts International from a “c+” rating to a “b-” rating in a research note on Tuesday, February 13th. Finally, StockNews.com upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating 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’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $54.83.

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.