Cibc World Market Inc. Has $807,000 Stock Position in MGM Resorts International $MGM

Cibc World Market Inc. reduced its position in shares of MGM Resorts International (NYSE:MGM) by 42.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 23,278 shares of the company’s stock after selling 16,947 shares during the period. Cibc World Market Inc.’s holdings in MGM Resorts International were worth $807,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MGM. Helikon Investments Ltd increased its holdings in shares of MGM Resorts International by 379.9% during the second quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after buying an additional 6,974,347 shares in the last quarter. Davis Selected Advisers grew its position in MGM Resorts International by 14.4% during the 2nd quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock worth $819,208,000 after acquiring an additional 3,006,052 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in MGM Resorts International by 119.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 4,212,114 shares of the company’s stock worth $144,855,000 after acquiring an additional 2,293,797 shares during the last quarter. Norges Bank acquired a new stake in MGM Resorts International during the 2nd quarter valued at $60,570,000. Finally, Goldentree Asset Management LP raised its position in MGM Resorts International by 20.7% in the 2nd quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock valued at $185,778,000 after purchasing an additional 924,810 shares during the last quarter. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Stock Up 0.4%

Shares of NYSE:MGM opened at $34.29 on Wednesday. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.20 and a current ratio of 1.23. The company has a market capitalization of $8.77 billion, a PE ratio of 45.72 and a beta of 1.44. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $40.16. The company has a fifty day moving average of $35.61 and a 200-day moving average of $34.89.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.96. The company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. During the same quarter in the previous year, the firm posted $0.45 earnings per share. On average, equities analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In other news, major shareholder Iac Inc. acquired 1,098,748 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was purchased at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the purchase, the insider owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. This represents a 1.70% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on MGM. Argus decreased their target price on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, November 14th. Truist Financial increased their price objective on shares of MGM Resorts International from $38.00 to $39.00 and gave the stock a “hold” rating in a report on Friday, February 6th. Citigroup upped their target price on shares of MGM Resorts International from $35.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, February 6th. JPMorgan Chase & Co. increased their price objective on MGM Resorts International from $39.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, February 6th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $34.00 price objective on shares of MGM Resorts International in a research report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, MGM Resorts International presently has a consensus rating of “Hold” and a consensus price target of $41.94.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.