TD Asset Management Inc Trims Stock Position in MGM Resorts International (NYSE:MGM)

TD Asset Management Inc reduced its stake in MGM Resorts International (NYSE:MGM) by 28.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 67,821 shares of the company’s stock after selling 26,816 shares during the quarter. TD Asset Management Inc’s holdings in MGM Resorts International were worth $3,014,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in MGM Resorts International during the fourth quarter worth about $139,599,000. Capital World Investors increased its position in shares of MGM Resorts International by 17.7% in the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after buying an additional 984,617 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of MGM Resorts International by 112.1% during the 4th quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock worth $67,466,000 after buying an additional 795,920 shares during the last quarter. Goldentree Asset Management LP purchased a new position in shares of MGM Resorts International during the 1st quarter worth approximately $35,726,000. Finally, Boston Partners raised its position in shares of MGM Resorts International by 12.6% during the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after purchasing an additional 684,676 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $35.90 on Friday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The company has a market capitalization of $11.26 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 0.63 and a beta of 2.23. The business has a 50-day moving average of $39.80 and a 200-day moving average of $41.44.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. The firm had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. During the same quarter in the prior year, the business earned $0.59 EPS. MGM Resorts International’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, equities analysts anticipate that MGM Resorts International will post 2.68 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In related news, Director Paul J. Salem purchased 147,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the transaction, the director now owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other MGM Resorts International news, CEO William Hornbuckle bought 58,900 shares of the company’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the acquisition, the chief executive officer now owns 377,112 shares of the company’s stock, valued at $12,719,987.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul J. Salem purchased 147,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the acquisition, the director now directly owns 1,702,500 shares in the company, valued at approximately $57,544,500. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 216,400 shares of company stock valued at $7,312,197. 2.13% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MGM. Macquarie cut their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. JMP Securities reduced their target price on shares of MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating on the stock in a report on Thursday, August 1st. Susquehanna raised their price target on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research note on Thursday, August 1st. Wells Fargo & Company cut their price objective on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Finally, UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and a consensus price target of $53.93.

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.