MGM Resorts International $MGM Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its position in shares of MGM Resorts International (NYSE:MGM) by 52.5% during the fourth quarter, Holdings Channel reports. The firm owned 47,588 shares of the company’s stock after acquiring an additional 16,380 shares during the quarter. CIBC Asset Management Inc’s holdings in MGM Resorts International were worth $1,736,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Davis Selected Advisers increased its position in MGM Resorts International by 12.0% in the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock valued at $978,669,000 after acquiring an additional 2,866,750 shares during the period. Vanguard Group Inc. increased its position in MGM Resorts International by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company’s stock valued at $867,805,000 after acquiring an additional 205,127 shares during the period. AQR Capital Management LLC increased its position in MGM Resorts International by 202.5% in the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after acquiring an additional 5,654,757 shares during the period. Arrowstreet Capital Limited Partnership increased its position in MGM Resorts International by 81.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after acquiring an additional 3,429,946 shares during the period. Finally, Invesco Ltd. increased its position in MGM Resorts International by 3.4% in the 3rd quarter. Invesco Ltd. now owns 5,940,465 shares of the company’s stock valued at $205,897,000 after acquiring an additional 194,114 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MGM shares. Deutsche Bank Aktiengesellschaft boosted their price target on MGM Resorts International from $48.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Berenberg Bank restated a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, February 11th. Morgan Stanley restated an “underweight” rating on shares of MGM Resorts International in a research report on Monday, June 1st. Mizuho dropped their price target on MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday, April 27th. Finally, Weiss Ratings upgraded MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, MGM Resorts International currently has a consensus rating of “Hold” and an average price target of $49.76.

MGM Resorts International Stock Performance

NYSE MGM opened at $47.23 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93. The business’s 50 day moving average is $39.38 and its two-hundred day moving average is $36.94. MGM Resorts International has a 12-month low of $29.18 and a 12-month high of $51.59. The stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of 65.59 and a beta of 1.31.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.37 billion. During the same quarter in the previous year, the firm posted $0.69 EPS. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. Research analysts expect that MGM Resorts International will post 2.06 EPS for the current year.

Insider Activity at MGM Resorts International

In other news, major shareholder Iac Inc. purchased 450,000 shares of the firm’s stock in a transaction dated Tuesday, March 24th. The shares were acquired at an average price of $37.13 per share, with a total value of $16,708,500.00. Following the purchase, the insider directly owned 66,822,350 shares of the company’s stock, valued at $2,481,113,855.50. The trade was a 0.68% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Daniel J. Taylor sold 6,675 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total value of $256,587.00. Additional details regarding this sale are available in the official SEC disclosure. 3.38% of the stock is owned by insiders.

MGM Resorts International 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.