First Hawaiian Bank Sells 631 Shares of MGM Resorts International (NYSE:MGM)

First Hawaiian Bank reduced its stake in shares of MGM Resorts International (NYSE:MGM) by 8.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 6,924 shares of the company’s stock after selling 631 shares during the quarter. First Hawaiian Bank’s holdings in MGM Resorts International were worth $308,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MGM. Norges Bank acquired a new stake in shares of MGM Resorts International in the 4th quarter valued at $139,599,000. Boston Partners increased its position in MGM Resorts International by 36.3% in the fourth quarter. Boston Partners now owns 5,427,254 shares of the company’s stock worth $242,002,000 after purchasing an additional 1,446,362 shares during the period. Capital World Investors raised its holdings in MGM Resorts International by 17.7% during the 4th quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock worth $292,713,000 after purchasing an additional 984,617 shares during the last quarter. Hsbc Holdings PLC lifted its position in MGM Resorts International by 112.1% during the 4th quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock valued at $67,466,000 after purchasing an additional 795,920 shares during the period. Finally, Goldentree Asset Management LP acquired a new stake in shares of MGM Resorts International during the 1st quarter worth approximately $35,726,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MGM shares. Macquarie cut their price objective on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday. Stifel Nicolaus increased their price target on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. BTIG Research initiated coverage on MGM Resorts International in a research note on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective for the company. Mizuho boosted their target price on MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Finally, JMP Securities reduced their price objective on shares of MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating on the stock in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

MGM Resorts International Stock Up 4.4 %

MGM stock traded up $1.49 during trading hours on Tuesday, reaching $35.56. 4,538,899 shares of the stock were exchanged, compared to its average volume of 3,934,193. The firm’s 50-day moving average is $41.92 and its 200-day moving average is $42.69. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The company has a market cap of $11.15 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 0.77 and a beta of 2.24. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.46.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter last year, the firm earned $0.59 EPS. MGM Resorts International’s revenue for the quarter was up 9.8% compared to the same quarter last year. On average, equities research analysts expect that MGM Resorts International will post 3 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 139,300 shares of MGM Resorts International stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the sale, the director now owns 5,859,478 shares of the company’s stock, valued at $236,957,290.32. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the transaction, the director now directly owns 5,859,478 shares of the company’s stock, valued at $236,957,290.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel J. Taylor sold 4,344 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total transaction of $178,190.88. Following the sale, the director now directly owns 5,250 shares in the company, valued at $215,355. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 147,988 shares of company stock worth $5,991,759. 2.13% of the stock is owned by insiders.

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.