KBC Group NV Purchases 375,693 Shares of MGM Resorts International (NYSE:MGM)

KBC Group NV grew its position in MGM Resorts International (NYSE:MGM) by 3,041.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 388,047 shares of the company’s stock after acquiring an additional 375,693 shares during the quarter. KBC Group NV owned 0.13% of MGM Resorts International worth $13,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of MGM. MidAtlantic Capital Management Inc. purchased a new position in shares of MGM Resorts International in the third quarter valued at $28,000. Global Trust Asset Management LLC bought a new position in MGM Resorts International during the fourth quarter valued at $28,000. Eastern Bank purchased a new position in shares of MGM Resorts International in the 3rd quarter worth $35,000. Brooklyn Investment Group bought a new stake in shares of MGM Resorts International in the 3rd quarter worth about $44,000. Finally, Planning Capital Management Corp purchased a new stake in shares of MGM Resorts International during the 3rd quarter valued at about $45,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MGM. JMP Securities reissued a “market outperform” rating and set a $50.00 price objective on shares of MGM Resorts International in a research note on Thursday, January 16th. Barclays decreased their price target on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 13th. Truist Financial dropped their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Jefferies Financial Group reduced their target price on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, January 3rd. Finally, Wells Fargo & Company dropped their price target on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International currently has an average rating of “Moderate Buy” and an average target price of $51.93.

Insider Buying and Selling

In other news, Director Keith A. Meister sold 51,000 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the sale, the director now owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.13% of the stock is owned by insiders.

MGM Resorts International Stock Up 1.6 %

Shares of NYSE:MGM opened at $34.02 on Thursday. The business’s 50 day moving average is $34.93 and its 200 day moving average is $37.50. The stock has a market cap of $10.13 billion, a P/E ratio of 12.15, a price-to-earnings-growth ratio of 3.06 and a beta of 2.21. MGM Resorts International has a 52-week low of $31.61 and a 52-week high of $48.24. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The firm had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. MGM Resorts International’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.64 EPS. Sell-side analysts predict that MGM Resorts International will post 2.41 EPS for the current year.

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.