MGM Resorts International (NYSE:MGM) Shares Sold by M&T Bank Corp

M&T Bank Corp cut its stake in shares of MGM Resorts International (NYSE:MGM) by 11.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,828 shares of the company’s stock after selling 2,126 shares during the period. M&T Bank Corp’s holdings in MGM Resorts International were worth $469,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MGM. Beverly Hills Private Wealth LLC acquired a new position in shares of MGM Resorts International in the first quarter valued at approximately $1,311,000. IFM Investors Pty Ltd grew its holdings in shares of MGM Resorts International by 8.2% in the first quarter. IFM Investors Pty Ltd now owns 50,262 shares of the company’s stock valued at $1,490,000 after purchasing an additional 3,792 shares in the last quarter. D.A. Davidson & CO. grew its holdings in shares of MGM Resorts International by 3.7% in the first quarter. D.A. Davidson & CO. now owns 303,470 shares of the company’s stock valued at $8,995,000 after purchasing an additional 10,690 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in shares of MGM Resorts International in the first quarter valued at approximately $969,000. Finally, Sebold Capital Management Inc. grew its holdings in shares of MGM Resorts International by 110.3% in the first quarter. Sebold Capital Management Inc. now owns 13,041 shares of the company’s stock valued at $387,000 after purchasing an additional 6,840 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MGM shares. The Goldman Sachs Group started coverage on shares of MGM Resorts International in a report on Monday, July 7th. They issued a “sell” rating and a $34.00 price objective for the company. Morgan Stanley reiterated a “sell” rating on shares of MGM Resorts International in a research note on Friday, July 11th. JMP Securities restated a “market perform” rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Truist Financial boosted their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Barclays lifted their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $47.94.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 60,000 shares of the business’s 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 sale, the director directly owned 5,627,478 shares in the company, valued at $180,585,769.02. The trade was a 1.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of the company’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total transaction of $183,766.73. 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 three months. Corporate insiders own 3.06% of the company’s stock.

MGM Resorts International Stock Performance

NYSE:MGM opened at $37.29 on Thursday. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The stock has a market cap of $10.15 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 2.52 and a beta of 1.76. The firm’s fifty day simple moving average is $34.09 and its 200-day simple moving average is $33.06.

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

MGM Resorts International declared that its Board of Directors has authorized a stock buyback program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 22.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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.