Korea Investment CORP Cuts Position in MGM Resorts International $MGM

Korea Investment CORP lowered its position in shares of MGM Resorts International (NYSE:MGM) by 61.5% in the 1st quarter, HoldingsChannel reports. The firm owned 55,987 shares of the company’s stock after selling 89,300 shares during the quarter. Korea Investment CORP’s holdings in MGM Resorts International were worth $1,659,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of MGM. Mascagni Wealth Management Inc. bought a new stake in MGM Resorts International in the 4th quarter worth approximately $28,000. True Wealth Design LLC bought a new stake in shares of MGM Resorts International in the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC boosted its stake in shares of MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock valued at $30,000 after purchasing an additional 455 shares in the last quarter. CX Institutional purchased a new stake in shares of MGM Resorts International in the 1st quarter valued at $36,000. Finally, Quarry LP grew its holdings in shares of MGM Resorts International by 750.6% during the 4th quarter. Quarry LP now owns 1,446 shares of the company’s stock valued at $50,000 after purchasing an additional 1,276 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Trading Up 4.9%

NYSE MGM opened at $37.9950 on Friday. The stock has a market cap of $10.34 billion, a P/E ratio of 20.88, a price-to-earnings-growth ratio of 1.80 and a beta of 1.81. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $42.53. The stock has a 50 day simple moving average of $36.24 and a two-hundred day simple moving average of $33.62. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter in the prior year, the company earned $0.86 earnings per share. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, analysts forecast 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 stock buyback program on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 22.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. JPMorgan Chase & Co. began coverage on shares of MGM Resorts International in a research note on Monday, June 23rd. They issued a “neutral” rating and a $38.00 price target for the company. UBS Group boosted their target price on MGM Resorts International from $37.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. JMP Securities restated a “market perform” rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Barclays boosted their price objective on MGM Resorts International from $43.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, July 18th. Finally, Citigroup upgraded shares of MGM Resorts International from a “hold” rating to a “strong-buy” rating and raised their target price for the stock from $55.00 to $57.00 in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.72.

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the sale, the director owned 5,627,478 shares of the company’s stock, valued at approximately $180,585,769.02. The trade was a 1.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.06% of the company’s stock.

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.