MGM Resorts International (NYSE:MGM) Stock Holdings Lowered by Hartford Investment Management Co.

Hartford Investment Management Co. cut its position in MGM Resorts International (NYSE:MGM) by 8.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,613 shares of the company’s stock after selling 1,407 shares during the quarter. Hartford Investment Management Co.’s holdings in MGM Resorts International were worth $571,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Goldentree Asset Management LP bought a new stake in shares of MGM Resorts International during the first quarter valued at approximately $35,726,000. Marshall Wace LLP increased its position in MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after acquiring an additional 706,159 shares during the period. Boston Partners raised its stake in MGM Resorts International by 12.6% during the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after acquiring an additional 684,676 shares in the last quarter. LSV Asset Management acquired a new position in MGM Resorts International during the 2nd quarter worth $21,149,000. Finally, Shellback Capital LP grew its stake in shares of MGM Resorts International by 433.3% in the second quarter. Shellback Capital LP now owns 400,000 shares of the company’s stock worth $17,776,000 after purchasing an additional 325,000 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Trading Up 0.6 %

NYSE:MGM opened at $40.36 on Friday. The stock has a fifty day simple moving average of $38.38 and a 200 day simple moving average of $40.29. The firm has a market capitalization of $12.26 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 0.97 and a beta of 2.23. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The business had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period last year, the firm posted $0.59 earnings per share. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. Sell-side analysts forecast that MGM Resorts International will post 2.54 earnings per share for the current year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Paul J. Salem bought 147,500 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the acquisition, the director now directly owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other MGM Resorts International news, Director Paul J. Salem bought 147,500 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were bought at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the acquisition, the director now directly owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William Hornbuckle purchased 58,900 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the transaction, the chief executive officer now directly owns 377,112 shares of the company’s stock, valued at $12,719,987.76. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have bought 216,400 shares of company stock worth $7,312,197. Corporate insiders own 2.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MGM. Morgan Stanley lifted their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company dropped their price target on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Barclays lowered their price objective on shares of MGM Resorts International from $56.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Finally, BTIG Research began coverage on MGM Resorts International in a research report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 target price for the company. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average price target of $54.08.

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.