MGM Resorts International (NYSE:MGM) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in shares of MGM Resorts International (NYSE:MGM) by 2.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,285,024 shares of the company’s stock after selling 38,968 shares during the quarter. Bank of New York Mellon Corp owned about 0.45% of MGM Resorts International worth $38,088,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of MGM. Norges Bank acquired a new position in shares of MGM Resorts International during the fourth quarter valued at $88,033,000. Eminence Capital LP acquired a new position in shares of MGM Resorts International during the fourth quarter valued at $72,408,000. AQR Capital Management LLC lifted its holdings in MGM Resorts International by 12,726.8% in the fourth quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company’s stock worth $44,316,000 after purchasing an additional 1,268,994 shares during the period. Marshall Wace LLP lifted its holdings in MGM Resorts International by 50.9% in the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock worth $112,048,000 after purchasing an additional 1,090,533 shares during the period. Finally, Invesco Ltd. lifted its holdings in MGM Resorts International by 22.5% in the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock worth $200,462,000 after purchasing an additional 1,063,707 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Ratings Changes

MGM has been the subject of several research analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of MGM Resorts International in a report on Thursday, June 26th. Truist Financial reduced their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Macquarie reduced their price objective on shares of MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Susquehanna upped their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a report on Thursday, May 1st. Finally, Morgan Stanley upped their price objective on shares of MGM Resorts International from $37.00 to $38.00 and gave the stock an “equal weight” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.67.

Insider Activity

In other news, Director Keith A. Meister sold 60,000 shares of the company’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the transaction, the director owned 5,627,478 shares in the company, valued at $180,585,769.02. This represents a 1.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Corey Ian Sanders sold 40,000 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the transaction, the chief operating officer owned 281,530 shares in the company, valued at $9,693,077.90. This represents a 12.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock worth $3,486,367 in the last 90 days. Company insiders own 3.06% of the company’s stock.

MGM Resorts International Price Performance

NYSE MGM opened at $38.14 on Tuesday. The stock’s 50-day moving average price is $33.73 and its two-hundred day moving average price is $32.97. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. The company has a market cap of $10.38 billion, a PE ratio of 17.03, a PEG ratio of 2.58 and a beta of 1.76. 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 posted 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. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.74 EPS. On average, analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its Board of Directors has approved a stock buyback plan on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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.