MGM Resorts International $MGM Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd lessened its holdings in shares of MGM Resorts International (NYSE:MGM) by 58.1% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 62,673 shares of the company’s stock after selling 86,927 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in MGM Resorts International were worth $2,118,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MGM. Envestnet Asset Management Inc. boosted its stake in shares of MGM Resorts International by 6.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 389,915 shares of the company’s stock valued at $13,409,000 after buying an additional 22,218 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in MGM Resorts International by 2.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 25,814 shares of the company’s stock valued at $888,000 after buying an additional 590 shares during the last quarter. Brighton Jones LLC bought a new stake in MGM Resorts International in the second quarter valued at $228,000. MQS Management LLC bought a new stake in MGM Resorts International in the second quarter valued at $408,000. Finally, AlphaQuest LLC lifted its stake in MGM Resorts International by 91.9% in the second quarter. AlphaQuest LLC now owns 21,696 shares of the company’s stock valued at $746,000 after buying an additional 10,392 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling

In other news, insider John Mcmanus sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction 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. The trade was a 65.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Keith A. Meister sold 242,000 shares of the company’s stock in a transaction on Thursday, September 11th. The shares were 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 $190,753,630.76. This trade represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of MGM Resorts International in a report on Wednesday, October 8th. Susquehanna lifted their price target on MGM Resorts International from $50.00 to $60.00 and gave the stock a “positive” rating in a research note on Tuesday, July 29th. Stifel Nicolaus dropped their price target on MGM Resorts International from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, October 22nd. Truist Financial decreased their price objective on MGM Resorts International from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, October 21st. Finally, Morgan Stanley raised their price objective 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 investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.50.

MGM Resorts International Stock Up 0.3%

Shares of MGM stock opened at $32.91 on Tuesday. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $42.53. The firm has a market cap of $8.96 billion, a PE ratio of 18.08, a price-to-earnings-growth ratio of 1.48 and a beta of 1.67. The stock has a 50 day moving average of $35.13 and a 200-day moving average of $34.34. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67.

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