The Manufacturers Life Insurance Company Sells 16,425 Shares of MGM Resorts International $MGM

The Manufacturers Life Insurance Company reduced its position in MGM Resorts International (NYSE:MGM) by 10.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 143,608 shares of the company’s stock after selling 16,425 shares during the period. The Manufacturers Life Insurance Company owned 0.06% of MGM Resorts International worth $5,315,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CYBER HORNET ETFs LLC acquired a new position in shares of MGM Resorts International during the second quarter worth $25,000. Global Retirement Partners LLC boosted its position in shares of MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after purchasing an additional 281 shares in the last quarter. International Assets Investment Management LLC purchased a new position in MGM Resorts International during the 1st quarter worth $30,000. Elyxium Wealth LLC acquired a new position in MGM Resorts International during the 4th quarter valued at about $42,000. Finally, City Holding Co. purchased a new stake in MGM Resorts International in the fourth quarter valued at about $44,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MGM shares. UBS Group set a $48.00 price target on MGM Resorts International in a research note on Thursday, July 2nd. Mizuho decreased their price objective on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, April 27th. HSBC upgraded shares of MGM Resorts International to a “strong-buy” rating in a research note on Thursday, July 30th. Susquehanna boosted their target price on shares of MGM Resorts International from $52.00 to $53.00 and gave the stock a “positive” rating in a research report on Wednesday, July 29th. Finally, KeyCorp raised shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price target for the company in a report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus target price of $52.49.

MGM Resorts International Stock Performance

NYSE MGM opened at $44.71 on Friday. The stock has a 50-day simple moving average of $46.82 and a two-hundred day simple moving average of $40.30. The firm has a market capitalization of $11.25 billion, a P/E ratio of 27.10 and a beta of 1.31. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.79 earnings per share. On average, equities analysts forecast that MGM Resorts International will post 2.05 earnings per share for the current year.

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.38% of the stock is currently owned by company insiders.

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.