The Manufacturers Life Insurance Company Purchases 28,568 Shares of MGM Resorts International (NYSE:MGM)

The Manufacturers Life Insurance Company grew its position in MGM Resorts International (NYSE:MGM) by 18.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 180,470 shares of the company’s stock after purchasing an additional 28,568 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in MGM Resorts International were worth $7,055,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Cetera Investment Advisers lifted its position in shares of MGM Resorts International by 78.5% during the 1st quarter. Cetera Investment Advisers now owns 64,323 shares of the company’s stock valued at $3,037,000 after acquiring an additional 28,288 shares during the period. Cetera Advisors LLC lifted its position in shares of MGM Resorts International by 211.3% during the 1st quarter. Cetera Advisors LLC now owns 31,679 shares of the company’s stock valued at $1,496,000 after acquiring an additional 21,503 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of MGM Resorts International by 60.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 329 shares during the period. DNB Asset Management AS lifted its position in shares of MGM Resorts International by 8.5% during the 2nd quarter. DNB Asset Management AS now owns 42,723 shares of the company’s stock valued at $1,899,000 after acquiring an additional 3,334 shares during the period. Finally, Keystone Wealth Services LLC acquired a new position in shares of MGM Resorts International during the 2nd quarter valued at $291,000. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Price Performance

MGM opened at $37.51 on Thursday. The firm has a market cap of $11.17 billion, a P/E ratio of 13.40, a PEG ratio of 2.73 and a beta of 2.20. The firm has a 50-day moving average of $38.74 and a 200 day moving average of $39.53. 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.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS. On average, research analysts expect that MGM Resorts International will post 2.5 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MGM shares. Morgan Stanley boosted their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Barclays lowered their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Mizuho lowered their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft lowered 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. Finally, UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $52.85.

Insider Activity at MGM Resorts International

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

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.