CIBC Asset Management Inc Increases Holdings in MGM Resorts International (NYSE:MGM)

CIBC Asset Management Inc increased its holdings in shares of MGM Resorts International (NYSE:MGM) by 1.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,350 shares of the company’s stock after purchasing an additional 668 shares during the quarter. CIBC Asset Management Inc’s holdings in MGM Resorts International were worth $1,421,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in 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 holdings 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 last quarter. Boston Partners lifted its stake in MGM Resorts International by 12.6% in 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 in the last quarter. LSV Asset Management purchased a new position in shares of MGM Resorts International during the second quarter valued at about $21,149,000. Finally, Shellback Capital LP increased its holdings 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 during the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Trading Up 0.6 %

Shares of NYSE MGM opened at $37.51 on Thursday. The business’s 50 day moving average price is $38.57 and its 200-day moving average price is $39.75. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The company has a market cap of $11.17 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 2.66 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The business had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.64 EPS. On average, sell-side analysts expect that MGM Resorts International will post 2.5 earnings per share for the current year.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. This represents a 2.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.83% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MGM has been the subject of a number of research reports. Morgan Stanley increased their price target on 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 cut their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Macquarie decreased their price target on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Barclays dropped their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Finally, Stifel Nicolaus upped their target price on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $53.15.

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.