MGM Resorts International (NYSE:MGM) Shares Sold by Meridian Investment Counsel Inc.

Meridian Investment Counsel Inc. lessened its stake in shares of MGM Resorts International (NYSE:MGM) by 10.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 45,200 shares of the company’s stock after selling 5,000 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in MGM Resorts International were worth $1,566,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Davis Selected Advisers increased its position in MGM Resorts International by 4.6% during the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock worth $690,253,000 after purchasing an additional 882,417 shares in the last quarter. Norges Bank acquired a new stake in shares of MGM Resorts International during the 4th quarter worth about $88,033,000. HG Vora Capital Management LLC purchased a new stake in shares of MGM Resorts International during the third quarter worth about $97,725,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of MGM Resorts International by 5.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,298,094 shares of the company’s stock valued at $89,832,000 after buying an additional 123,124 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of MGM Resorts International by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock valued at $79,110,000 after buying an additional 38,749 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on MGM. Stifel Nicolaus lifted their target price on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Mizuho lifted their price objective on MGM Resorts International from $56.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, February 13th. Needham & Company LLC reiterated a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Wells Fargo & Company raised their price target on MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, Macquarie reaffirmed an “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 given a buy rating to the stock. According to MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price of $51.29.

MGM Resorts International Stock Down 4.0 %

Shares of MGM Resorts International stock opened at $30.35 on Monday. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The business has a 50-day moving average price of $33.90 and a 200 day moving average price of $35.94. MGM Resorts International has a fifty-two week low of $29.80 and a fifty-two week high of $48.25. The firm has a market cap of $8.67 billion, a P/E ratio of 12.64, a P/E/G ratio of 0.98 and a beta of 2.18.

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

Insiders Place Their Bets

In other MGM Resorts International news, CFO Jonathan S. Halkyard purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the transaction, the chief financial officer now owns 75,648 shares of the company’s stock, valued at approximately $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Todd Meinert sold 6,000 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

About MGM Resorts International

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.