Boston Partners Acquires 684,676 Shares of MGM Resorts International (NYSE:MGM)

Boston Partners grew its holdings in shares of MGM Resorts International (NYSE:MGM) by 12.6% during the first quarter, Holdings Channel.com reports. The institutional investor owned 6,111,930 shares of the company’s stock after purchasing an additional 684,676 shares during the quarter. Boston Partners’ holdings in MGM Resorts International were worth $286,933,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital World Investors raised its position in shares of MGM Resorts International by 17.7% during the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock worth $292,713,000 after purchasing an additional 984,617 shares during the period. Fisher Asset Management LLC raised its position in shares of MGM Resorts International by 5.2% during the fourth quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock worth $194,686,000 after purchasing an additional 213,528 shares during the period. Norges Bank acquired a new position in shares of MGM Resorts International during the fourth quarter worth approximately $139,599,000. Westfield Capital Management Co. LP raised its position in shares of MGM Resorts International by 21.0% during the fourth quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock worth $107,295,000 after purchasing an additional 416,911 shares during the period. Finally, Bamco Inc. NY raised its position in MGM Resorts International by 3.6% in the 1st quarter. Bamco Inc. NY now owns 2,101,065 shares of the company’s stock valued at $99,191,000 after buying an additional 73,515 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on MGM. Morgan Stanley lowered their price target on MGM Resorts International from $47.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. Stifel Nicolaus increased their price target on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. increased their price target on MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. BTIG Research began coverage on MGM Resorts International in a research report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price target for the company. Finally, Macquarie lowered their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus price target of $54.78.

MGM Resorts International Stock Performance

Shares of MGM stock traded down $1.81 on Friday, hitting $35.48. 12,827,866 shares of the stock were exchanged, compared to its average volume of 4,053,896. The company has a current ratio of 1.47, a quick ratio of 1.46 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $11.13 billion, a PE ratio of 13.65, a P/E/G ratio of 0.77 and a beta of 2.24. MGM Resorts International has a one year low of $34.12 and a one year high of $48.36. The firm’s 50 day moving average is $42.03 and its two-hundred day moving average is $42.74.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter last year, the company earned $0.59 EPS. The firm’s revenue was up 9.8% compared to the same quarter last year. Sell-side analysts expect that MGM Resorts International will post 3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the transaction, the director now owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Daniel J. Taylor sold 4,344 shares of MGM Resorts International stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total transaction of $178,190.88. Following the completion of the sale, the director now owns 5,250 shares in the company, valued at approximately $215,355. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Keith A. Meister sold 139,300 shares of MGM Resorts International stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $40.44, for a total value of $5,633,292.00. Following the sale, the director now owns 5,859,478 shares of the company’s stock, valued at approximately $236,957,290.32. The disclosure for this sale can be found here. Insiders sold a total of 147,988 shares of company stock worth $5,991,759 in the last quarter. 2.13% of the stock is owned by company insiders.

About MGM Resorts International

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.