CIBC Asset Management Inc Increases Holdings in MGM Resorts International (NYSE:MGM)

CIBC Asset Management Inc boosted its holdings in shares of MGM Resorts International (NYSE:MGM) by 2.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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.

Other hedge funds also recently bought and sold shares of the company. Empower Advisory Group LLC increased its holdings in MGM Resorts International by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock valued at $61,430,000 after purchasing an additional 62,997 shares during the period. Goldentree Asset Management LP grew its holdings in shares of MGM Resorts International by 86.4% during the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after acquiring an additional 1,390,599 shares during the period. Miracle Mile Advisors LLC purchased a new position in shares of MGM Resorts International during the 4th quarter worth approximately $2,010,000. Assenagon Asset Management S.A. grew its holdings in shares of MGM Resorts International by 80.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock worth $12,411,000 after acquiring an additional 159,522 shares during the period. Finally, Zacks Investment Management grew its holdings in shares of MGM Resorts International by 7.8% during the 3rd quarter. Zacks Investment Management now owns 400,393 shares of the company’s stock worth $15,651,000 after acquiring an additional 29,107 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

MGM stock opened at $36.02 on Friday. The stock has a market capitalization of $10.28 billion, a PE ratio of 15.01, a price-to-earnings-growth ratio of 0.98 and a beta of 2.20. MGM Resorts International has a 12-month low of $31.61 and a 12-month high of $48.24. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The stock’s 50 day simple moving average is $34.53 and its 200 day simple moving average is $36.81.

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

Wall Street Analyst Weigh In

MGM has been the topic of a number of research analyst reports. Barclays reiterated an “equal weight” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Argus upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Friday, February 14th. JMP Securities reiterated a “market outperform” rating and set a $50.00 target price on shares of MGM Resorts International in a report on Thursday, February 13th. BTIG Research downgraded MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Monday, February 3rd. Finally, Truist Financial dropped their price target on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Five equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.47.

Insider Activity

In other news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the transaction, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at $692,509.84. This represents a 24.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Keith A. Meister sold 51,000 shares of the stock in a transaction on 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 transaction, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

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.