MGM Resorts International (NYSE:MGM) Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp increased its stake in shares of MGM Resorts International (NYSE:MGM) by 3.6% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 15,328 shares of the company’s stock after acquiring an additional 535 shares during the period. Fifth Third Bancorp’s holdings in MGM Resorts International were worth $454,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. CX Institutional acquired a new position in MGM Resorts International during the 1st quarter worth approximately $36,000. SG Americas Securities LLC lifted its position in MGM Resorts International by 6,176.7% during the 1st quarter. SG Americas Securities LLC now owns 241,213 shares of the company’s stock worth $7,150,000 after acquiring an additional 237,370 shares in the last quarter. GAMMA Investing LLC lifted its position in MGM Resorts International by 10.6% during the 1st quarter. GAMMA Investing LLC now owns 6,477 shares of the company’s stock worth $192,000 after acquiring an additional 619 shares in the last quarter. Pallas Capital Advisors LLC acquired a new position in MGM Resorts International during the 1st quarter worth approximately $429,000. Finally, UMB Bank n.a. lifted its position in MGM Resorts International by 91.0% during the 1st quarter. UMB Bank n.a. now owns 1,616 shares of the company’s stock worth $48,000 after acquiring an additional 770 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on MGM shares. Macquarie cut their target price on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Wall Street Zen raised MGM Resorts International from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Barclays upped their target price on MGM Resorts International from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, May 1st. Susquehanna upped their target price on MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research report on Thursday, May 1st. Finally, Stifel Nicolaus cut their target price on MGM Resorts International from $50.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus price target of $48.94.

MGM Resorts International Stock Down 2.0%

Shares of MGM Resorts International stock opened at $33.61 on Wednesday. The stock has a 50-day moving average price of $31.75 and a 200 day moving average price of $32.99. The company has a market cap of $9.15 billion, a P/E ratio of 15.00, a P/E/G ratio of 2.36 and a beta of 1.76. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the prior year, the business earned $0.74 EPS. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. As a group, analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its board has initiated a share buyback plan on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 22.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at MGM Resorts International

In other news, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the transaction, the chief operating officer now owns 281,530 shares of the company’s stock, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Keith A. Meister sold 60,000 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the transaction, the director now directly owns 5,627,478 shares in the company, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,261 shares of company stock valued at $3,486,367 in the last three months. Corporate insiders own 3.06% of the company’s stock.

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.