OVERSEA CHINESE BANKING Corp Ltd Has $611,000 Position in MGM Resorts International (NYSE:MGM)

OVERSEA CHINESE BANKING Corp Ltd lowered its holdings in MGM Resorts International (NYSE:MGM) by 32.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,938 shares of the company’s stock after selling 7,646 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in MGM Resorts International were worth $611,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in MGM Resorts International during the 2nd quarter worth about $28,000. Eastern Bank purchased a new stake in shares of MGM Resorts International in the third quarter worth approximately $35,000. EverSource Wealth Advisors LLC boosted its holdings in shares of MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 329 shares during the period. UMB Bank n.a. grew its position in MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after purchasing an additional 237 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in MGM Resorts International in the 2nd quarter worth approximately $49,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MGM. Wells Fargo & Company lowered their price target on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Mizuho dropped their target price on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Stifel Nicolaus lifted their price target on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Macquarie dropped their price objective on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and eleven have issued 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 target price of $53.15.

MGM Resorts International Stock Up 3.3 %

MGM Resorts International stock opened at $37.98 on Thursday. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The firm has a fifty day moving average price of $38.36 and a two-hundred day moving average price of $39.86. The firm has a market cap of $11.31 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 2.62 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). The business had revenue of $4.18 billion for the quarter, compared to analyst estimates 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 revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 EPS. As a group, analysts forecast that MGM Resorts International will post 2.5 earnings per share for the current year.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the transaction, the director now directly owns 5,738,478 shares in the company, valued at $210,716,912.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.13% of the stock is currently owned by corporate 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.