Comerica Bank Trims Stock Holdings in MGM Resorts International $MGM

Comerica Bank decreased its holdings in MGM Resorts International (NYSE:MGM) by 39.6% in the fourth quarter, Holdings Channel reports. The firm owned 36,994 shares of the company’s stock after selling 24,209 shares during the period. Comerica Bank’s holdings in MGM Resorts International were worth $1,350,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. CYBER HORNET ETFs LLC purchased a new stake in MGM Resorts International during the 2nd quarter worth approximately $25,000. City Holding Co. acquired a new position in shares of MGM Resorts International during the 4th quarter worth approximately $44,000. Stance Capital LLC acquired a new position in shares of MGM Resorts International during the 3rd quarter worth approximately $46,000. Advisory Services Network LLC acquired a new position in MGM Resorts International in the third quarter valued at approximately $52,000. Finally, Clearstead Advisors LLC lifted its holdings in MGM Resorts International by 973.9% in the third quarter. Clearstead Advisors LLC now owns 1,890 shares of the company’s stock valued at $66,000 after acquiring an additional 1,714 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Iac Inc. acquired 450,000 shares of the stock in a transaction dated Tuesday, March 24th. The stock was bought at an average price of $37.13 per share, with a total value of $16,708,500.00. Following the completion of the transaction, the insider directly owned 66,822,350 shares of the company’s stock, valued at approximately $2,481,113,855.50. The trade was a 0.68% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 37,500 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the transaction, the director owned 5,347,978 shares of the company’s stock, valued at $183,275,206.06. The trade was a 0.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 3.38% of the company’s stock.

Analysts Set New Price Targets

MGM has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of MGM Resorts International in a research report on Friday, May 1st. The Goldman Sachs Group lifted their target price on MGM Resorts International from $34.00 to $38.00 and gave the company a “sell” rating in a research note on Thursday, April 30th. Morgan Stanley raised their price objective on shares of MGM Resorts International from $34.00 to $35.00 and gave the company an “underweight” rating in a research report on Wednesday, April 8th. Truist Financial lifted their price objective on MGM Resorts International from $39.00 to $42.00 and gave the stock a “hold” rating in a research report on Thursday, April 30th. Finally, JPMorgan Chase & Co. lowered their target price on shares of MGM Resorts International from $42.00 to $41.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $47.12.

MGM Resorts International Stock Performance

Shares of MGM opened at $38.77 on Friday. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. The company has a market capitalization of $9.92 billion, a PE ratio of 53.85 and a beta of 1.28. The company’s fifty day moving average price is $37.31 and its 200 day moving average price is $35.56. MGM Resorts International has a one year low of $29.18 and a one year high of $40.94.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.37 billion. During the same quarter last year, the firm posted $0.69 earnings per share. MGM Resorts International’s revenue was up 4.2% on a year-over-year basis. As a group, analysts expect that MGM Resorts International will post 1.99 earnings per share for the current year.

About MGM Resorts International

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.