Van ECK Associates Corp Reduces Stock Holdings in MGM Resorts International (NYSE:MGM)

Van ECK Associates Corp lowered its stake in MGM Resorts International (NYSE:MGM) by 8.8% during the 4th quarter, according to its most recent disclosure with the Securities & 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 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. CVA Family Office LLC bought a new position in shares of MGM Resorts International in the fourth quarter worth about $28,000. Sandy Spring Bank raised its stake in shares of MGM Resorts International by 140.8% in the third quarter. Sandy Spring Bank now owns 855 shares of the company’s stock worth $31,000 after buying an additional 500 shares during the period. Sunbelt Securities Inc. raised its stake in shares of MGM Resorts International by 510.2% in the third quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company’s stock worth $44,000 after buying an additional 1,000 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in shares of MGM Resorts International by 49.7% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,105 shares of the company’s stock worth $49,000 after buying an additional 367 shares during the period. Finally, Huntington National Bank raised its stake in shares of MGM Resorts International by 46.7% in the third quarter. Huntington National Bank now owns 1,999 shares of the company’s stock worth $73,000 after buying an additional 636 shares during the period. Institutional investors own 68.11% of the company’s stock.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 325,000 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, March 12th. The stock was 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 owns 6,098,778 shares in the company, valued at approximately $261,637,576.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.83% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock opened at $40.64 on Wednesday. The stock has a market cap of $12.75 billion, a price-to-earnings 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. The stock has a 50 day moving average price of $43.48 and a 200-day moving average price of $42.40. MGM Resorts International has a one year low of $34.12 and a one year high of $51.35.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, May 1st. The company reported $0.74 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 quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.44 EPS. Equities analysts expect that MGM Resorts International will post 2.76 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Susquehanna raised MGM Resorts International from a “neutral” rating to a “positive” rating and raised their price objective for the stock from $46.00 to $54.00 in a research note on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft lifted their target price 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. JMP Securities lifted their target price on MGM Resorts International from $57.00 to $58.00 and gave the company a “market outperform” rating in a research note on Monday. Morgan Stanley lifted their target price on MGM Resorts International from $45.00 to $46.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 9th. Finally, Barclays lifted their target price on MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.83.

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.