Fifth Third Bancorp Sells 1,090 Shares of MGM Resorts International (NYSE:MGM)

Fifth Third Bancorp lessened its stake in MGM Resorts International (NYSE:MGM) by 6.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,793 shares of the company’s stock after selling 1,090 shares during the quarter. Fifth Third Bancorp’s holdings in MGM Resorts International were worth $513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of MGM. MidAtlantic Capital Management Inc. purchased a new position in MGM Resorts International in the 3rd quarter worth about $28,000. Global Trust Asset Management LLC bought a new position in shares of MGM Resorts International during the 4th quarter valued at approximately $28,000. Eastern Bank bought a new position in shares of MGM Resorts International during the 3rd quarter valued at approximately $35,000. Brooklyn Investment Group bought a new position in shares of MGM Resorts International during the 3rd quarter valued at approximately $44,000. Finally, Planning Capital Management Corp bought a new position in MGM Resorts International in the 3rd quarter worth approximately $45,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MGM has been the subject of several recent analyst reports. Morgan Stanley upped their price target on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company decreased their price target on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Jefferies Financial Group reduced their target price on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, January 3rd. Truist Financial reduced their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Finally, JMP Securities reissued a “market outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a research report on Thursday, January 16th. Four analysts have rated the stock with a hold rating and twelve have assigned 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 a consensus target price of $51.93.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $34.60 on Friday. The company has a market cap of $10.30 billion, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 3.06 and a beta of 2.21. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. MGM Resorts International has a 1-year low of $31.61 and a 1-year high of $48.24. The stock’s 50-day moving average is $34.86 and its two-hundred day moving average is $37.48.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the company earned $0.64 earnings per share. Analysts forecast that MGM Resorts International will post 2.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares of the company’s stock, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.13% of the stock is owned by insiders.

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.