Ethic Inc. Sells 1,997 Shares of MGM Resorts International (NYSE:MGM)

Ethic Inc. reduced its position in MGM Resorts International (NYSE:MGM) by 5.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,951 shares of the company’s stock after selling 1,997 shares during the quarter. Ethic Inc.’s holdings in MGM Resorts International were worth $1,142,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Czech National Bank grew its position in MGM Resorts International by 4.3% during the fourth quarter. Czech National Bank now owns 49,063 shares of the company’s stock valued at $1,700,000 after acquiring an additional 2,043 shares during the last quarter. Miracle Mile Advisors LLC purchased a new stake in shares of MGM Resorts International in the 4th quarter valued at $2,010,000. Dale Q Rice Investment Management Ltd bought a new position in shares of MGM Resorts International during the 4th quarter valued at $535,000. Assenagon Asset Management S.A. grew its holdings in shares of MGM Resorts International by 80.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock valued at $12,411,000 after purchasing an additional 159,522 shares during the last quarter. Finally, Empirical Asset Management LLC purchased a new position in MGM Resorts International in the 4th quarter worth $3,418,000. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Stock Up 0.6%

Shares of NYSE MGM opened at $34.88 on Wednesday. The firm has a fifty day simple moving average of $30.70 and a two-hundred day simple moving average of $33.92. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $47.26. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The firm has a market capitalization of $9.49 billion, a PE ratio of 14.53, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The business had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.29 billion. During the same period in the previous year, the firm posted $0.74 EPS. The business’s revenue was down 2.4% on a year-over-year basis. Equities analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International announced that its Board of Directors has approved a share repurchase program on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 22.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of recent research reports. Capital One Financial raised their price objective 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. Wedbush restated an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Canaccord Genuity Group restated a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Susquehanna boosted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research report on Thursday, May 1st. Finally, Barclays increased their price objective on MGM Resorts International from $41.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.94.

Insider Activity

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This trade represents a 24.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Jonathan S. Halkyard bought 10,000 shares of MGM Resorts International stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the transaction, the chief financial officer now directly owns 75,648 shares in the company, valued at approximately $2,433,596.16. This trade represents a 15.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Company 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.