Investment Management Corp of Ontario Grows Stake in MGM Resorts International (NYSE:MGM)

Investment Management Corp of Ontario boosted its stake in MGM Resorts International (NYSE:MGM) by 47.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,777 shares of the company’s stock after buying an additional 2,500 shares during the quarter. Investment Management Corp of Ontario’s holdings in MGM Resorts International were worth $304,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MGM. HG Vora Capital Management LLC purchased a new position in shares of MGM Resorts International in the third quarter valued at approximately $97,725,000. Goldentree Asset Management LP lifted its holdings in MGM Resorts International by 86.4% in the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after purchasing an additional 1,390,599 shares in the last quarter. Marshall Wace LLP boosted its stake in MGM Resorts International by 174.8% during the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after purchasing an additional 706,159 shares during the last quarter. LSV Asset Management purchased a new stake in shares of MGM Resorts International during the second quarter worth $21,149,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of MGM Resorts International in the third quarter valued at about $17,622,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MGM shares. JMP Securities lowered their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Monday, November 25th. Mizuho dropped their price target on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Wells Fargo & Company reduced their price objective on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Barclays dropped their target price on MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. Finally, Morgan Stanley lifted their price target on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $52.85.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the sale, the director now owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. This represents a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.13% of the stock is currently owned by corporate insiders.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $36.66 on Monday. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The firm’s 50 day moving average price is $38.65 and its 200-day moving average price is $39.46. The firm has a market cap of $10.92 billion, a P/E ratio of 13.09, a P/E/G ratio of 2.68 and a beta of 2.20.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). The firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.64 earnings per share. As a group, equities research analysts predict that MGM Resorts International will post 2.48 EPS for the current year.

MGM Resorts International Company 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.