MGM Resorts International (NYSE:MGM) Holdings Lowered by Intech Investment Management LLC

Intech Investment Management LLC trimmed its stake in shares of MGM Resorts International (NYSE:MGM) by 85.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,647 shares of the company’s stock after selling 184,419 shares during the period. Intech Investment Management LLC’s holdings in MGM Resorts International were worth $1,494,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp raised its position in MGM Resorts International by 84.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 292,363 shares of the company’s stock valued at $13,892,000 after buying an additional 133,855 shares during the period. Kingsview Wealth Management LLC acquired a new position in MGM Resorts International during the first quarter valued at $357,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in MGM Resorts International by 30.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 346,469 shares of the company’s stock valued at $16,357,000 after buying an additional 80,026 shares during the period. State Board of Administration of Florida Retirement System raised its position in MGM Resorts International by 3.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 429,611 shares of the company’s stock valued at $19,083,000 after buying an additional 13,292 shares during the period. Finally, ProShare Advisors LLC raised its position in MGM Resorts International by 61.4% during the first quarter. ProShare Advisors LLC now owns 57,445 shares of the company’s stock valued at $2,712,000 after buying an additional 21,858 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Stock Up 0.2 %

Shares of MGM traded up $0.07 during trading hours on Friday, hitting $45.37. 2,144,825 shares of the company were exchanged, compared to its average volume of 3,296,974. The company has a market cap of $14.23 billion, a PE ratio of 17.45, a PEG ratio of 0.94 and a beta of 2.24. The firm’s 50 day moving average is $41.89 and its 200-day moving average is $42.90. MGM Resorts International has a 52 week low of $34.12 and a 52 week 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.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.18. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The firm had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company earned $0.44 EPS. The firm’s revenue for the quarter was up 13.2% compared to the same quarter last year. On average, equities research analysts forecast that MGM Resorts International will post 3 EPS for the current fiscal year.

Insider Activity at MGM Resorts International

In related news, Director Daniel J. Taylor sold 4,344 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total transaction of $178,190.88. Following the completion of the sale, the director now owns 5,250 shares in the company, valued at approximately $215,355. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other MGM Resorts International news, Director Daniel J. Taylor sold 4,344 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total value of $178,190.88. Following the completion of the sale, the director now owns 5,250 shares in the company, valued at approximately $215,355. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the sale, the director now owns 5,859,478 shares of the company’s stock, valued at approximately $236,957,290.32. The disclosure for this sale can be found here. Insiders sold a total of 147,988 shares of company stock worth $5,991,759 in the last 90 days. 2.13% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MGM. Susquehanna raised MGM Resorts International from a “neutral” rating to a “positive” rating and upped their price target for the company from $46.00 to $54.00 in a research report on Thursday, May 2nd. Morgan Stanley dropped their target price on MGM Resorts International from $47.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. StockNews.com lowered MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Barclays upped their target price on MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Finally, Wells Fargo & Company dropped their target price on MGM Resorts International from $56.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 16th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and an average price target of $54.66.

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.