IFM Investors Pty Ltd Reduces Position in MGM Resorts International (NYSE:MGM)

IFM Investors Pty Ltd decreased its holdings in MGM Resorts International (NYSE:MGM) by 4.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 56,502 shares of the company’s stock after selling 2,613 shares during the quarter. IFM Investors Pty Ltd’s holdings in MGM Resorts International were worth $2,667,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norden Group LLC bought a new position in shares of MGM Resorts International during the 1st quarter valued at $462,000. Mirador Capital Partners LP lifted its holdings in MGM Resorts International by 3.0% in the first quarter. Mirador Capital Partners LP now owns 73,974 shares of the company’s stock valued at $3,492,000 after acquiring an additional 2,187 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in MGM Resorts International by 6.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,989 shares of the company’s stock worth $1,274,000 after purchasing an additional 1,753 shares during the last quarter. Sovereign Financial Group Inc. purchased a new position in MGM Resorts International in the first quarter worth about $209,000. Finally, Gateway Investment Advisers LLC increased its position in shares of MGM Resorts International by 41.2% during the 1st quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock valued at $465,000 after purchasing an additional 2,872 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

NYSE MGM traded down $1.09 on Friday, reaching $41.09. The company had a trading volume of 4,682,708 shares, compared to its average volume of 2,687,450. The company has a quick ratio of 1.53, a current ratio of 1.57 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $13.03 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 1.73 and a beta of 2.19. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $51.35. The firm’s 50 day moving average price is $43.71 and its 200 day moving average price is $42.12.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Tuesday, February 13th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.39. The business had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.14 billion. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. The firm’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.69 EPS. As a group, equities analysts predict that MGM Resorts International will post 2.46 earnings per share for the current year.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 325,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the sale, the director now owns 6,098,778 shares of the company’s stock, valued at $261,637,576.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.13% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price objective on shares of MGM Resorts International from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Wednesday, February 14th. Mizuho started coverage on shares of MGM Resorts International in a research report on Tuesday, March 26th. They set a “buy” rating and a $61.00 price objective for the company. StockNews.com lowered MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Bank Of America (Bofa) lifted their target price on MGM Resorts International from $45.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, February 14th. Finally, Morgan Stanley upped their price target on MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $55.34.

MGM Resorts International 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.