Meridian Investment Counsel Inc. Sells 5,000 Shares of MGM Resorts International (NYSE:MGM)

Meridian Investment Counsel Inc. lessened its holdings in shares of MGM Resorts International (NYSE:MGM) by 10.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 45,200 shares of the company’s stock after selling 5,000 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in MGM Resorts International were worth $1,566,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can boosted its holdings in MGM Resorts International by 10.6% in the third quarter. Bank of Montreal Can now owns 291,880 shares of the company’s stock worth $11,564,000 after purchasing an additional 27,883 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in MGM Resorts International by 18.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 180,470 shares of the company’s stock worth $7,055,000 after buying an additional 28,568 shares during the period. FMR LLC lifted its holdings in shares of MGM Resorts International by 5.0% during the third quarter. FMR LLC now owns 1,681,699 shares of the company’s stock worth $65,738,000 after buying an additional 79,486 shares during the last quarter. Townsquare Capital LLC acquired a new stake in shares of MGM Resorts International in the third quarter worth $259,000. Finally, Freedom Investment Management Inc. boosted its holdings in MGM Resorts International by 16.7% in the 3rd quarter. Freedom Investment Management Inc. now owns 7,988 shares of the company’s stock valued at $312,000 after purchasing an additional 1,145 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on MGM shares. Morgan Stanley increased their price objective on MGM Resorts International from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Monday, February 24th. Citigroup lifted their price objective on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Mizuho increased their target price on MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, February 13th. Needham & Company LLC reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Leerink Partners lowered shares of MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.29.

Insider Transactions at MGM Resorts International

In other news, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the transaction, the chief accounting officer now owns 18,301 shares in the company, valued at $692,509.84. The trade was a 24.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the purchase, the chief financial officer now owns 75,648 shares in the company, valued at $2,433,596.16. This represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.13% of the company’s stock.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $30.35 on Monday. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The firm has a market capitalization of $8.67 billion, a P/E ratio of 12.64, a PEG ratio of 0.98 and a beta of 2.18. The business has a 50-day moving average of $33.90 and a 200-day moving average of $35.94. MGM Resorts International has a 1 year low of $29.80 and a 1 year high of $48.25.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. On average, equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International 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.