Zurcher Kantonalbank Zurich Cantonalbank Grows Position in MGM Resorts International (NYSE:MGM)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in MGM Resorts International (NYSE:MGM) by 2.6% in the fourth quarter, HoldingsChannel reports. The firm owned 54,581 shares of the company’s stock after purchasing an additional 1,381 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in MGM Resorts International were worth $1,891,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. MidAtlantic Capital Management Inc. bought a new stake in shares of MGM Resorts International during the third quarter valued at approximately $28,000. Global Trust Asset Management LLC bought a new stake in shares of MGM Resorts International in the 4th quarter worth $28,000. Assetmark Inc. raised its stake in shares of MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in shares of MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after purchasing an additional 404 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new stake in shares of MGM Resorts International during the third quarter valued at $44,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on MGM shares. Argus upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Friday, February 14th. Truist Financial dropped their price target on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Leerink Partners downgraded MGM Resorts International to a “market perform” rating in a research note on Thursday, February 13th. Macquarie restated an “outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, JMP Securities restated a “market outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $51.29.

MGM Resorts International Price Performance

NYSE:MGM opened at $32.43 on Tuesday. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The business’s 50-day simple moving average is $34.06 and its two-hundred day simple moving average is $36.21. The stock has a market cap of $9.26 billion, a PE ratio of 13.51, a P/E/G ratio of 0.98 and a beta of 2.18. MGM Resorts International has a 52 week low of $29.99 and a 52 week high of $48.25.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. As a group, analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In other news, CFO Jonathan S. Halkyard acquired 10,000 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the transaction, the chief financial officer now directly owns 75,648 shares in the company, valued at approximately $2,433,596.16. This trade represents a 15.23 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the transaction, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

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.