Swiss National Bank Trims Position in MGM Resorts International (NYSE:MGM)

Swiss National Bank lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 0.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 698,300 shares of the company’s stock after selling 5,700 shares during the quarter. Swiss National Bank owned about 0.23% of MGM Resorts International worth $27,297,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MGM. AM Squared Ltd acquired a new position in MGM Resorts International in the 3rd quarter valued at $254,000. Empowered Funds LLC acquired a new position in shares of MGM Resorts International during the third quarter worth about $845,000. CIBC Asset Management Inc raised its holdings in MGM Resorts International by 1.9% during the third quarter. CIBC Asset Management Inc now owns 36,350 shares of the company’s stock worth $1,421,000 after purchasing an additional 668 shares in the last quarter. Planning Capital Management Corp purchased a new position in MGM Resorts International during the third quarter worth about $45,000. Finally, Huntington National Bank lifted its position in MGM Resorts International by 133.1% in the third quarter. Huntington National Bank now owns 1,909 shares of the company’s stock valued at $75,000 after purchasing an additional 1,090 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MGM has been the subject of a number of analyst reports. Barclays cut their target price on MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Susquehanna raised their target price on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a report on Thursday, August 1st. JMP Securities decreased their target price on shares of MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating on the stock in a research report on Thursday, October 31st. Mizuho cut their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price of $53.15.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This represents a 2.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.13% of the stock is owned by company insiders.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $37.97 on Friday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The stock has a fifty day moving average of $38.57 and a two-hundred day moving average of $39.75. The company has a market capitalization of $11.30 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 2.66 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The firm had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. MGM Resorts International’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the company posted $0.64 earnings per share. On average, analysts anticipate that MGM Resorts International will post 2.5 EPS for the current fiscal year.

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.