The Manufacturers Life Insurance Company Cuts Position in MGM Resorts International $MGM

The Manufacturers Life Insurance Company decreased its holdings in MGM Resorts International (NYSE:MGM) by 10.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 143,608 shares of the company’s stock after selling 16,425 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in MGM Resorts International were worth $5,315,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MGM. Whittier Trust Co. increased its position in shares of MGM Resorts International by 2.5% in the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock valued at $405,000 after buying an additional 262 shares in the last quarter. Global Retirement Partners LLC lifted its position in shares of MGM Resorts International by 55.9% during the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after buying an additional 281 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in shares of MGM Resorts International by 4.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company’s stock valued at $286,000 after buying an additional 313 shares in the last quarter. Brown Brothers Harriman & Co. grew its stake in MGM Resorts International by 23.1% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock valued at $69,000 after acquiring an additional 355 shares during the period. Finally, Public Employees Retirement System of Ohio grew its stake in MGM Resorts International by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock valued at $2,218,000 after acquiring an additional 397 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

NYSE MGM opened at $44.71 on Friday. The stock’s fifty day moving average is $46.82 and its two-hundred day moving average is $40.30. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34. 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.

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Morgan Stanley restated an “underweight” rating on shares of MGM Resorts International in a research report on Wednesday, July 22nd. Weiss Ratings upgraded shares of MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. boosted their target price on shares of MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Mizuho decreased their price target on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating on the stock in a research note on Monday, April 27th. Finally, Capital One Financial raised their price target on shares of MGM Resorts International from $46.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.49.

Insider Buying and Selling

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

MGM Resorts International 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.