Central Pacific Bank Trust Division Makes New Investment in MGM Resorts International (NYSE:MGM)

Central Pacific Bank Trust Division acquired a new position in shares of MGM Resorts International (NYSE:MGM) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,000 shares of the company’s stock, valued at approximately $143,000.

Several other hedge funds have also recently bought and sold shares of the stock. FORA Capital LLC acquired a new stake in MGM Resorts International during the first quarter worth approximately $650,000. Daiwa Securities Group Inc. raised its position in shares of MGM Resorts International by 7.8% in the first quarter. Daiwa Securities Group Inc. now owns 27,210 shares of the company’s stock valued at $1,285,000 after buying an additional 1,971 shares in the last quarter. Bryn Mawr Capital Management LLC acquired a new stake in shares of MGM Resorts International in the first quarter valued at approximately $204,000. Janney Montgomery Scott LLC raised its position in shares of MGM Resorts International by 109.3% in the first quarter. Janney Montgomery Scott LLC now owns 63,598 shares of the company’s stock valued at $3,002,000 after buying an additional 33,207 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of MGM Resorts International by 40.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,099 shares of the company’s stock valued at $1,666,000 after buying an additional 10,886 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other MGM Resorts International news, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other MGM Resorts International news, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Keith A. Meister sold 139,300 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the sale, the director now directly owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The disclosure for this sale can be found here. Insiders have sold a total of 147,988 shares of company stock valued at $5,991,759 over the last 90 days. 2.83% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MGM has been the subject of a number of analyst reports. Barclays lifted their price target on shares of MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Morgan Stanley lifted their price target on shares of MGM Resorts International from $45.00 to $46.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 9th. JPMorgan Chase & Co. lifted their price target on shares of MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Mizuho lifted their price target on shares of MGM Resorts International from $61.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Finally, JMP Securities lifted their price objective on shares of MGM Resorts International from $57.00 to $58.00 and gave the company a “market outperform” rating in a research note on Monday, May 6th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $54.66.

MGM Resorts International Trading Down 0.5 %

Shares of NYSE:MGM traded down $0.20 during midday trading on Wednesday, hitting $43.54. 159,102 shares of the stock were exchanged, compared to its average volume of 3,753,979. The business’s 50-day moving average price is $41.07 and its 200 day moving average price is $42.84. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $51.35. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51. The stock has a market capitalization of $13.66 billion, a price-to-earnings ratio of 16.82, a P/E/G ratio of 0.90 and a beta of 2.24.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.18. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The company had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the firm posted $0.44 earnings per share. MGM Resorts International’s revenue for the quarter was up 13.2% on a year-over-year basis. Analysts predict that MGM Resorts International will post 3.02 earnings per share for the current 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.