Securian Asset Management Inc. Decreases Holdings in MGM Resorts International $MGM

Securian Asset Management Inc. trimmed its position in shares of MGM Resorts International (NYSE:MGM) by 8.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,813 shares of the company’s stock after selling 949 shares during the period. Securian Asset Management Inc.’s holdings in MGM Resorts International were worth $372,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC raised its holdings in shares of MGM Resorts International by 83.5% during the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock valued at $30,000 after buying an additional 455 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of MGM Resorts International by 66.9% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock valued at $45,000 after buying an additional 529 shares in the last quarter. Bayforest Capital Ltd purchased a new position in shares of MGM Resorts International during the 1st quarter valued at about $43,000. Quarry LP raised its holdings in shares of MGM Resorts International by 24.1% during the 1st quarter. Quarry LP now owns 1,795 shares of the company’s stock valued at $53,000 after buying an additional 349 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of MGM Resorts International by 27.5% during the 2nd quarter. UMB Bank n.a. now owns 2,061 shares of the company’s stock valued at $71,000 after buying an additional 445 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on MGM. JPMorgan Chase & Co. reduced their price target on MGM Resorts International from $43.00 to $41.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. Stifel Nicolaus reduced their price target on MGM Resorts International from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday. Truist Financial reduced their price target on MGM Resorts International from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday. The Goldman Sachs Group reduced their price target on MGM Resorts International from $37.00 to $34.00 and set a “sell” rating on the stock in a research report on Wednesday, October 1st. Finally, Morgan Stanley raised their price target on MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $48.50.

Insider Buying and Selling

In other news, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the sale, the insider directly owned 31,521 shares in the company, valued at approximately $1,138,538.52. This trade represents a 65.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the completion of the sale, the director owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Price Performance

Shares of MGM stock opened at $32.83 on Friday. The firm has a market cap of $8.93 billion, a P/E ratio of 18.04, a P/E/G ratio of 1.49 and a beta of 1.67. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $42.53. The business’s 50 day moving average price is $35.20 and its 200-day moving average price is $34.23. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period last year, the company earned $0.86 EPS. On average, equities research analysts anticipate that MGM Resorts International will post 2.21 earnings per share 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.