Elo Mutual Pension Insurance Co Lowers Stock Position in MGM Resorts International (NYSE:MGM)

Elo Mutual Pension Insurance Co cut its stake in shares of MGM Resorts International (NYSE:MGM) by 23.5% in the 4th quarter, HoldingsChannel reports. The firm owned 15,986 shares of the company’s stock after selling 4,911 shares during the period. Elo Mutual Pension Insurance Co’s holdings in MGM Resorts International were worth $554,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MGM. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of MGM Resorts International by 0.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,200 shares of the company’s stock worth $2,080,000 after acquiring an additional 309 shares during the last quarter. Ballentine Partners LLC raised its position in MGM Resorts International by 5.4% during the fourth quarter. Ballentine Partners LLC now owns 6,553 shares of the company’s stock valued at $227,000 after purchasing an additional 333 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its stake in MGM Resorts International by 1.7% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company’s stock worth $684,000 after purchasing an additional 333 shares during the last quarter. Global Retirement Partners LLC lifted its stake in MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after purchasing an additional 404 shares during the last quarter. Finally, Assetmark Inc. boosted its holdings in shares of MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

MGM stock opened at $30.35 on Monday. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. MGM Resorts International has a 1 year low of $29.99 and a 1 year high of $48.25. The firm has a 50-day moving average of $33.90 and a 200 day moving average of $35.94. The company has a market cap of $8.67 billion, a P/E ratio of 12.64, a PEG ratio of 0.98 and a beta of 2.18.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. On average, sell-side analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were acquired at an average cost of $32.17 per share, with a total value of $321,700.00. Following the purchase, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at approximately $2,433,596.16. This represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. 2.13% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Barclays restated an “equal weight” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Wells Fargo & Company boosted their price objective on shares of MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Wedbush reaffirmed an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Capital One Financial boosted their price target on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price objective on shares of MGM Resorts International in a research note on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.29.

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.