Royal London Asset Management Ltd. Has $4.33 Million Position in MGM Resorts International (NYSE:MGM)

Royal London Asset Management Ltd. reduced its holdings in shares of MGM Resorts International (NYSE:MGM) by 6.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 97,474 shares of the company’s stock after selling 7,014 shares during the period. Royal London Asset Management Ltd.’s holdings in MGM Resorts International were worth $4,332,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of MGM Resorts International in the 4th quarter valued at about $139,599,000. Capital World Investors grew its stake in shares of MGM Resorts International by 17.7% in the 4th quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after buying an additional 984,617 shares during the period. Hsbc Holdings PLC grew its stake in shares of MGM Resorts International by 112.1% in the 4th quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock valued at $67,466,000 after buying an additional 795,920 shares during the period. Goldentree Asset Management LP acquired a new stake in shares of MGM Resorts International in the 1st quarter valued at about $35,726,000. Finally, Boston Partners grew its stake in shares of MGM Resorts International by 12.6% in the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after buying an additional 684,676 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO William Hornbuckle purchased 58,900 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the acquisition, the chief executive officer now owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the transaction, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Hornbuckle acquired 58,900 shares of MGM Resorts International stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the purchase, the chief executive officer now directly owns 377,112 shares in the company, valued at approximately $12,719,987.76. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 216,400 shares of company stock valued at $7,312,197. 2.13% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MGM. Susquehanna raised their target price on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Morgan Stanley reduced their target price on MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 4th. Stifel Nicolaus lifted their price target on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Wells Fargo & Company cut their price target on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Finally, JMP Securities cut their price target on MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating for the company in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.93.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $36.51 on Friday. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The company’s 50 day moving average price is $39.67 and its two-hundred day moving average price is $41.40. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65. The stock has a market cap of $11.45 billion, a P/E ratio of 14.04, a P/E/G ratio of 0.64 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. The company had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. MGM Resorts International’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.59 EPS. On average, equities analysts predict that MGM Resorts International will post 2.68 earnings per share for the current year.

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.