CIBC Asset Management Inc Boosts Stake in MGM Resorts International (NYSE:MGM)

CIBC Asset Management Inc lifted its stake in MGM Resorts International (NYSE:MGM) by 2.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,394 shares of the company’s stock after purchasing an additional 1,044 shares during the period. CIBC Asset Management Inc’s holdings in MGM Resorts International were worth $1,296,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MGM. MidAtlantic Capital Management Inc. purchased a new stake in MGM Resorts International in the 3rd quarter worth $28,000. Global Trust Asset Management LLC purchased a new stake in MGM Resorts International in the 4th quarter worth $28,000. Eastern Bank purchased a new stake in MGM Resorts International in the 3rd quarter worth $35,000. Brooklyn Investment Group purchased a new stake in MGM Resorts International in the 3rd quarter worth $44,000. Finally, Planning Capital Management Corp purchased a new stake in MGM Resorts International in the 3rd quarter worth $45,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MGM. Macquarie reiterated an “outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. JMP Securities reiterated a “market outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Truist Financial cut their price target on 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. Citigroup increased their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Barclays reissued an “equal weight” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.47.

Insiders Place Their Bets

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the sale, the director now directly owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their position. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

MGM Resorts International Stock Down 6.0 %

Shares of NYSE:MGM opened at $36.02 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 12 month low of $31.61 and a 12 month high of $48.24. The company has a 50-day moving average price of $34.53 and a 200 day moving average price of $36.81. The company has a market cap of $10.28 billion, a price-to-earnings ratio of 15.01, a PEG ratio of 0.98 and a beta of 2.20.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. As a group, equities research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

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.