MGM Resorts International $MGM Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc grew its position in MGM Resorts International (NYSE:MGM) by 52.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,588 shares of the company’s stock after buying an additional 16,380 shares during the quarter. CIBC Asset Management Inc’s holdings in MGM Resorts International were worth $1,736,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp grew its stake in shares of MGM Resorts International by 24.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,529,440 shares of the company’s stock valued at $55,809,000 after buying an additional 300,890 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in shares of MGM Resorts International by 15.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 8,448 shares of the company’s stock valued at $308,000 after buying an additional 1,138 shares in the last quarter. MUFG Securities EMEA plc grew its stake in shares of MGM Resorts International by 114.5% in the fourth quarter. MUFG Securities EMEA plc now owns 8,379 shares of the company’s stock valued at $306,000 after buying an additional 4,472 shares in the last quarter. Norges Bank acquired a new stake in shares of MGM Resorts International in the fourth quarter valued at $82,348,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of MGM Resorts International in the fourth quarter valued at $132,000. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Down 0.6%

Shares of NYSE MGM opened at $47.23 on Tuesday. The company has a market capitalization of $12.08 billion, a price-to-earnings ratio of 65.59 and a beta of 1.31. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. The business has a 50-day moving average of $39.38 and a two-hundred day moving average of $36.94. MGM Resorts International has a 1 year low of $29.18 and a 1 year high of $51.59.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period last year, the firm earned $0.69 earnings per share. On average, analysts forecast that MGM Resorts International will post 2.06 earnings per share for the current fiscal year.

Insider Transactions at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Iac Inc. bought 450,000 shares of the business’s stock in a transaction dated Tuesday, March 24th. The shares were purchased at an average price of $37.13 per share, for a total transaction of $16,708,500.00. Following the transaction, the insider directly owned 66,822,350 shares of the company’s stock, valued at approximately $2,481,113,855.50. This represents a 0.68% increase in their position. The disclosure for this purchase is available in the SEC filing. 3.38% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MGM has been the subject of a number of research reports. Barclays lifted their price objective on MGM Resorts International from $37.00 to $39.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Jefferies Financial Group cut MGM Resorts International from a “buy” rating to a “hold” rating and dropped their price objective for the company from $50.00 to $44.00 in a research note on Friday, May 1st. The Goldman Sachs Group lifted their price objective on MGM Resorts International from $34.00 to $38.00 and gave the company a “sell” rating in a research note on Thursday, April 30th. Stifel Nicolaus dropped their price objective on MGM Resorts International from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, April 7th. Finally, Citigroup dropped their price objective on MGM Resorts International from $41.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, MGM Resorts International presently has a consensus rating of “Hold” and an average target price of $49.76.

MGM Resorts International Company Profile

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.