OMERS ADMINISTRATION Corp Trims Position in MGM Resorts International (NYSE:MGM)

OMERS ADMINISTRATION Corp lessened its stake in MGM Resorts International (NYSE:MGM) by 11.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,705 shares of the company’s stock after selling 6,585 shares during the period. OMERS ADMINISTRATION Corp’s holdings in MGM Resorts International were worth $1,826,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Czech National Bank grew its stake in shares of MGM Resorts International by 4.3% in the 4th quarter. Czech National Bank now owns 49,063 shares of the company’s stock valued at $1,700,000 after purchasing an additional 2,043 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of MGM Resorts International by 80.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock worth $12,411,000 after purchasing an additional 159,522 shares during the period. Empirical Asset Management LLC purchased a new position in MGM Resorts International in the 4th quarter valued at $3,418,000. Merit Financial Group LLC acquired a new position in MGM Resorts International in the 4th quarter valued at $243,000. Finally, Ameritas Advisory Services LLC raised its position in MGM Resorts International by 6.3% during the 4th quarter. Ameritas Advisory Services LLC now owns 26,715 shares of the company’s stock worth $926,000 after buying an additional 1,585 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Canaccord Genuity Group reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Susquehanna boosted their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a research report on Thursday, May 1st. Needham & Company LLC reissued a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Capital One Financial lifted their price target on MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Leerink Partners lowered MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, MGM Resorts International presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.94.

Insiders Place Their Bets

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was bought at an average price 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 position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of the company’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,261 shares of company stock worth $1,788,007. Insiders own 3.06% of the company’s stock.

MGM Resorts International Stock Down 1.7%

MGM Resorts International stock opened at $34.35 on Friday. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of 14.31, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78. The stock’s fifty day moving average is $30.81 and its two-hundred day moving average is $33.87. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.74 EPS. Analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its board has initiated a stock buyback program on Wednesday, April 30th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 22.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.