Trust Co. of Toledo NA OH Lowers Stock Holdings in MGM Resorts International $MGM

Trust Co. of Toledo NA OH lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 40.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,250 shares of the company’s stock after selling 5,600 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in MGM Resorts International were worth $284,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC grew its holdings in shares of MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after buying an additional 455 shares during the last quarter. CX Institutional purchased a new position in shares of MGM Resorts International during the first quarter worth about $36,000. Bayforest Capital Ltd purchased a new position in shares of MGM Resorts International during the first quarter worth about $43,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of MGM Resorts International by 66.9% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after buying an additional 529 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in MGM Resorts International by 91.0% in the first quarter. UMB Bank n.a. now owns 1,616 shares of the company’s stock valued at $48,000 after purchasing an additional 770 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

MGM stock opened at $31.29 on Friday. The firm has a 50 day moving average of $35.80 and a 200-day moving average of $34.03. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $42.53. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The company has a market cap of $8.52 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 1.33 and a beta of 1.67.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.28 billion. During the same period in the previous year, the firm posted $0.86 EPS. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, equities analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Activity at MGM Resorts International

In related news, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares in the company, valued at $1,138,538.52. The trade was a 65.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the transaction, the director owned 5,385,478 shares of the company’s stock, valued at $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of MGM Resorts International from $54.00 to $53.00 in a research report on Monday, September 22nd. JPMorgan Chase & Co. assumed coverage on shares of MGM Resorts International in a research report on Monday, June 23rd. They issued a “neutral” rating and a $38.00 price objective for the company. UBS Group reduced their price objective on shares of MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating for the company in a research report on Thursday, September 11th. Macquarie reduced their price objective on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, October 2nd. Finally, Seaport Res Ptn downgraded shares of MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.50.

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.