Pictet Asset Management Holding SA Has $3.67 Million Stock Holdings in MGM Resorts International (NYSE:MGM)

Pictet Asset Management Holding SA lifted its stake in MGM Resorts International (NYSE:MGM) by 6.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 105,765 shares of the company’s stock after buying an additional 6,847 shares during the period. Pictet Asset Management Holding SA’s holdings in MGM Resorts International were worth $3,665,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its position in shares of MGM Resorts International by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock worth $79,110,000 after purchasing an additional 38,749 shares during the last quarter. Korea Investment CORP increased its holdings in MGM Resorts International by 964.3% during the fourth quarter. Korea Investment CORP now owns 145,287 shares of the company’s stock worth $5,034,000 after buying an additional 131,636 shares during the last quarter. ACR Alpine Capital Research LLC raised its position in MGM Resorts International by 23.3% during the fourth quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company’s stock worth $5,613,000 after acquiring an additional 30,605 shares in the last quarter. Davis Selected Advisers lifted its stake in MGM Resorts International by 4.6% in the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after acquiring an additional 882,417 shares during the last quarter. Finally, Miracle Mile Advisors LLC bought a new position in shares of MGM Resorts International in the 4th quarter valued at about $2,010,000. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Down 3.7 %

NYSE MGM opened at $26.86 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The company has a market cap of $7.60 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 0.98 and a beta of 1.96. The company has a 50 day moving average of $33.50 and a 200-day moving average of $35.70. MGM Resorts International has a 1-year low of $25.61 and a 1-year high of $47.26.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, beating 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, equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jonathan S. Halkyard bought 10,000 shares of MGM Resorts International stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the acquisition, the chief financial officer now owns 75,648 shares in the company, 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 currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MGM. Needham & Company LLC reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Canaccord Genuity Group restated a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Barclays reiterated an “equal weight” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. JMP Securities restated a “market outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, Argus raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Friday, February 14th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.