Royal London Asset Management Ltd. Increases Stake in MGM Resorts International (NYSE:MGM)

Royal London Asset Management Ltd. boosted its stake in shares of MGM Resorts International (NYSE:MGM) by 19.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 114,666 shares of the company’s stock after purchasing an additional 18,419 shares during the period. Royal London Asset Management Ltd.’s holdings in MGM Resorts International were worth $3,973,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Global Trust Asset Management LLC purchased a new stake in shares of MGM Resorts International during the fourth quarter valued at $28,000. Assetmark Inc. grew its stake in MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after purchasing an additional 411 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after purchasing an additional 404 shares during the period. Brooklyn Investment Group purchased a new position in shares of MGM Resorts International in the third quarter worth about $44,000. Finally, Modus Advisors LLC acquired a new stake in shares of MGM Resorts International during the fourth quarter worth about $46,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Trading Up 3.3 %

Shares of MGM Resorts International stock opened at $32.45 on Tuesday. 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 twelve month low of $29.99 and a twelve month high of $48.25. The firm has a market capitalization of $9.27 billion, a PE ratio of 13.52, a P/E/G ratio of 0.98 and a beta of 2.18. The firm’s 50-day moving average price is $34.02 and its 200 day moving average price is $36.04.

MGM Resorts International (NYSE:MGM) last released its 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%. On average, sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MGM. Leerink Partners downgraded shares of MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Susquehanna Bancshares raised their target price on shares of MGM Resorts International from $53.00 to $56.00 in a report on Wednesday, February 12th. Morgan Stanley upped their price target on shares of MGM Resorts International from $39.00 to $41.00 and gave the company an “equal weight” rating in a report on Monday, February 24th. Stifel Nicolaus lifted their price objective on MGM Resorts International from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, Argus upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Friday, February 14th. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and a consensus price target of $51.29.

Insiders Place Their Bets

In related news, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the acquisition, the chief financial officer now directly owns 75,648 shares in the company, valued at approximately $2,433,596.16. This trade represents a 15.23 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the stock in a transaction that occurred on 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 directly owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.

MGM Resorts International Company 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.