Forsta AP Fonden Boosts Stock Position in MGM Resorts International (NYSE:MGM)

Forsta AP Fonden boosted its holdings in shares of MGM Resorts International (NYSE:MGM) by 63.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 90,500 shares of the company’s stock after purchasing an additional 35,300 shares during the quarter. Forsta AP Fonden’s holdings in MGM Resorts International were worth $4,273,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of MGM. CVA Family Office LLC purchased a new stake in shares of MGM Resorts International during the 4th quarter valued at about $28,000. Sunbelt Securities Inc. raised its position in MGM Resorts International by 510.2% during the third quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company’s stock valued at $44,000 after purchasing an additional 1,000 shares during the period. Accent Capital Management LLC bought a new stake in shares of MGM Resorts International in the 4th quarter valued at approximately $45,000. Mendota Financial Group LLC boosted its holdings in shares of MGM Resorts International by 36.0% in the 1st quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock worth $47,000 after purchasing an additional 266 shares during the period. Finally, Massmutual Trust Co. FSB ADV boosted its holdings in shares of MGM Resorts International by 49.7% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,105 shares of the company’s stock worth $49,000 after purchasing an additional 367 shares during the period. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

Shares of NYSE:MGM opened at $46.46 on Monday. The firm has a 50 day moving average of $41.35 and a 200 day moving average of $42.86. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 1.56. The company has a market capitalization of $14.57 billion, a price-to-earnings ratio of 17.73, a price-to-earnings-growth ratio of 0.95 and a beta of 2.24. MGM Resorts International has a 52 week low of $34.12 and a 52 week high of $51.35.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.56 by $0.18. The firm had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The business’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.44 EPS. On average, sell-side analysts predict that MGM Resorts International will post 3.01 earnings per share for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

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

Wall Street Analyst Weigh In

Several research analysts have commented on MGM shares. BTIG Research began coverage on shares of MGM Resorts International in a research note on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective for the company. Morgan Stanley lowered their target price on shares of MGM Resorts International from $47.00 to $44.00 and set an “equal weight” rating for the company in a report on Friday. Susquehanna raised shares of MGM Resorts International from a “neutral” rating to a “positive” rating and increased their price objective for the stock from $46.00 to $54.00 in a research report on Thursday, May 2nd. StockNews.com lowered MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Finally, Barclays increased their price target on MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average price target of $54.53.

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.