UniSuper Management Pty Ltd Buys 20,857 Shares of MGM Resorts International (NYSE:MGM)

UniSuper Management Pty Ltd increased its stake in MGM Resorts International (NYSE:MGM) by 548.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,661 shares of the company’s stock after purchasing an additional 20,857 shares during the period. UniSuper Management Pty Ltd’s holdings in MGM Resorts International were worth $1,164,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of MGM. Seven Eight Capital LP purchased a new stake in MGM Resorts International in the first quarter worth approximately $1,979,000. Mitsubishi UFJ Trust & Banking Corp boosted its stake in MGM Resorts International by 84.4% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 292,363 shares of the company’s stock worth $13,892,000 after buying an additional 133,855 shares in the last quarter. Kingsview Wealth Management LLC purchased a new stake in MGM Resorts International in the first quarter worth approximately $357,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in MGM Resorts International by 30.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 346,469 shares of the company’s stock worth $16,357,000 after buying an additional 80,026 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its stake in MGM Resorts International by 3.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 429,611 shares of the company’s stock worth $19,083,000 after buying an additional 13,292 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. Barclays upped their target price on MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Susquehanna raised MGM Resorts International from a “neutral” rating to a “positive” rating and increased their price objective for the company from $46.00 to $54.00 in a research note on Thursday, May 2nd. BTIG Research began coverage on MGM Resorts International in a research note on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Finally, Mizuho increased their price objective on MGM Resorts International from $61.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $54.66.

MGM Resorts International Stock Down 3.1 %

NYSE MGM traded down $1.34 during trading hours on Wednesday, reaching $42.44. 3,305,807 shares of the company’s stock traded hands, compared to its average volume of 3,721,269. The firm has a market cap of $13.31 billion, a PE ratio of 16.32, a PEG ratio of 0.91 and a beta of 2.24. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.46. MGM Resorts International has a 52-week low of $34.12 and a 52-week high of $51.35. The firm has a 50-day simple moving average of $42.01 and a 200 day simple moving average of $42.88.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.18. The firm had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The business’s revenue was up 13.2% on a year-over-year basis. During the same period last year, the business earned $0.44 earnings per share. Sell-side analysts anticipate that MGM Resorts International will post 3 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Keith A. Meister sold 139,300 shares of the company’s 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 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 document filed with the SEC, which is accessible through the SEC website. In other news, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $40.44, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel J. Taylor sold 4,344 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $41.02, for a total transaction of $178,190.88. Following the sale, the director now owns 5,250 shares of the company’s stock, valued at $215,355. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,988 shares of company stock valued at $5,991,759. 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.