Fifth Third Bancorp Sells 1,521 Shares of MGM Resorts International $MGM

Fifth Third Bancorp reduced its holdings in shares of MGM Resorts International (NYSE:MGM) by 9.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,807 shares of the company’s stock after selling 1,521 shares during the period. Fifth Third Bancorp’s holdings in MGM Resorts International were worth $475,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kingstone Capital Partners Texas LLC bought a new position in shares of MGM Resorts International in the second quarter worth approximately $171,632,000. Helikon Investments Ltd bought a new position in shares of MGM Resorts International in the first quarter worth approximately $54,418,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of MGM Resorts International in the first quarter worth approximately $47,631,000. AQR Capital Management LLC grew its holdings in shares of MGM Resorts International by 104.2% in the first quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company’s stock worth $75,962,000 after purchasing an additional 1,332,313 shares during the last quarter. Finally, GMT Capital Corp bought a new position in shares of MGM Resorts International in the first quarter worth approximately $36,656,000. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $36.54 on Tuesday. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The firm has a market capitalization of $9.95 billion, a P/E ratio of 20.08, a P/E/G ratio of 1.51 and a beta of 1.69. The business has a fifty day simple moving average of $36.55 and a two-hundred day simple moving average of $33.96. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $42.53.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.58 by $0.21. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The company’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.86 earnings per share. On average, equities analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MGM has been the topic of several recent analyst reports. Morgan Stanley raised their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a report on Thursday, September 11th. Mizuho cut their target price on shares of MGM Resorts International from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Monday, September 22nd. Barclays raised their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday, July 18th. Seaport Res Ptn cut shares of MGM Resorts International from a “strong-buy” rating to a “hold” rating in a report on Monday, July 21st. Finally, UBS Group reduced their price objective on shares of MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating on the stock in a research report on Thursday, September 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.61.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider owned 31,521 shares of the company’s stock, valued at approximately $1,138,538.52. This trade represents a 65.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the completion of the transaction, the director directly owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their position. The disclosure for this sale can be found here. Company 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.