Amalgamated Bank Sells 24,747 Shares of MGM Resorts International (NYSE:MGM)

Amalgamated Bank decreased its stake in MGM Resorts International (NYSE:MGM) by 23.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,281 shares of the company’s stock after selling 24,747 shares during the quarter. Amalgamated Bank’s holdings in MGM Resorts International were worth $3,542,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of MGM. Davis Selected Advisers bought a new position in MGM Resorts International during the 3rd quarter valued at about $361,915,000. Fisher Asset Management LLC grew its position in MGM Resorts International by 4.9% during the 4th quarter. Fisher Asset Management LLC now owns 4,346,250 shares of the company’s stock worth $194,190,000 after acquiring an additional 202,434 shares during the last quarter. Boston Partners increased its holdings in MGM Resorts International by 1,447.6% during the 3rd quarter. Boston Partners now owns 3,980,892 shares of the company’s stock valued at $145,916,000 after purchasing an additional 3,723,659 shares in the last quarter. Invesco Ltd. raised its position in MGM Resorts International by 14.6% in the 3rd quarter. Invesco Ltd. now owns 3,940,156 shares of the company’s stock valued at $144,840,000 after purchasing an additional 500,566 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in MGM Resorts International by 4.4% in the third quarter. Ameriprise Financial Inc. now owns 2,527,893 shares of the company’s stock worth $92,923,000 after purchasing an additional 106,158 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Trading Up 2.0 %

NYSE:MGM opened at $40.85 on Friday. The company has a current ratio of 1.51, a quick ratio of 1.46 and a debt-to-equity ratio of 1.56. MGM Resorts International has a 1-year low of $34.12 and a 1-year high of $51.35. The firm has a market capitalization of $12.81 billion, a price-to-earnings ratio of 15.71, a PEG ratio of 0.95 and a beta of 2.22. The business’s 50-day moving average price is $43.38 and its two-hundred day moving average price is $42.37.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.18. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The business had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the company posted $0.44 EPS. MGM Resorts International’s revenue for the quarter was up 13.2% on a year-over-year basis. On average, equities analysts expect that MGM Resorts International will post 2.76 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 325,000 shares of the business’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 transaction, 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 document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MGM. Mizuho raised their target price on MGM Resorts International from $61.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Susquehanna upgraded shares of MGM Resorts International from a “neutral” rating to a “positive” rating and raised their price objective for the company from $46.00 to $54.00 in a research report on Thursday, May 2nd. Barclays upped their target price on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft raised their price target on shares of MGM Resorts International from $50.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Finally, JPMorgan Chase & Co. upped their price objective on MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.83.

About MGM Resorts International

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.