OVERSEA CHINESE BANKING Corp Ltd Sells 48,651 Shares of MGM Resorts International $MGM

OVERSEA CHINESE BANKING Corp Ltd reduced its position in MGM Resorts International (NYSE:MGM) by 77.6% during the third quarter, Holdings Channel reports. The institutional investor owned 14,022 shares of the company’s stock after selling 48,651 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in MGM Resorts International were worth $499,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. XML Financial LLC boosted its position in shares of MGM Resorts International by 0.9% in the 2nd quarter. XML Financial LLC now owns 30,884 shares of the company’s stock worth $1,062,000 after purchasing an additional 287 shares in the last quarter. Concurrent Investment Advisors LLC lifted its stake in MGM Resorts International by 4.1% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company’s stock valued at $274,000 after acquiring an additional 315 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in shares of MGM Resorts International by 0.7% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 55,666 shares of the company’s stock valued at $1,917,000 after acquiring an additional 399 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of MGM Resorts International by 12.1% in the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock valued at $115,000 after acquiring an additional 421 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its stake in shares of MGM Resorts International by 27.1% in the second quarter. Hantz Financial Services Inc. now owns 1,986 shares of the company’s stock worth $68,000 after acquiring an additional 423 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, major shareholder Iac Inc. purchased 1,098,748 shares of MGM Resorts International stock in a transaction dated Friday, December 5th. The shares were acquired at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the transaction, the insider owned 65,822,350 shares of the company’s stock, valued at $2,389,351,305. This trade represents a 1.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.06% of the stock is owned by company insiders.

MGM Resorts International Trading Up 2.8%

Shares of MGM stock opened at $35.38 on Friday. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $41.32. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 1.80. The stock has a market cap of $9.68 billion, a price-to-earnings ratio of 221.12, a PEG ratio of 2.67 and a beta of 1.46. The company’s 50-day moving average price is $35.10 and its 200-day moving average price is $35.35.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The company had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the company earned $0.54 EPS. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, equities analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

Analysts Set New Price Targets

MGM has been the topic of a number of analyst reports. Stifel Nicolaus set a $45.00 price objective on shares of MGM Resorts International in a research note on Thursday, October 30th. Barclays set a $38.00 target price on MGM Resorts International and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. The Goldman Sachs Group reiterated a “sell” rating and issued a $33.00 target price on shares of MGM Resorts International in a research report on Monday, December 15th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of MGM Resorts International from $54.00 to $53.00 in a research report on Monday, September 22nd. Finally, Truist Financial reiterated a “hold” rating and issued a $38.00 price objective (down from $45.00) on shares of MGM Resorts International in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $44.56.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.