Comerica Bank reduces its equity position in MGM Resorts International (NYSE:MGM)


Comerica Bank reduced its position in MGM Resorts International (NYSE: MGMGet a rating) by 7.1% in the first quarter, Participation channel reports. The institutional investor held 55,749 shares of the company after selling 4,233 shares during the period. Comerica Bank’s holdings in MGM Resorts International were worth $2,417,000 when it last filed with the SEC.

A number of other institutional investors and hedge funds have also recently added or reduced their stakes in the company. Heartland Bank & Trust Co increased its stake in MGM Resorts International by 1.7% in the fourth quarter. Heartland Bank & Trust Co now owns 14,714 shares of the company valued at $660,000 after buying an additional 252 shares last quarter. Lincoln National Corp increased its stake in MGM Resorts International by 3.0% in the fourth quarter. Lincoln National Corp now owns 8,677 shares of the company valued at $389,000 after purchasing an additional 254 shares last quarter. Kentucky Retirement Systems increased its stake in MGM Resorts International by 1.1% in the fourth quarter. Kentucky Retirement Systems now owns 24,157 shares of the company valued at $1,084,000 after buying 259 additional shares last quarter. Creative Financial Designs Inc. ADV increased its stake in MGM Resorts International by 60.0% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 800 shares of the company valued at $36,000 after purchasing an additional 300 shares in the last quarter. Finally, Commerce Bank increased its stake in MGM Resorts International by 2.7% in the fourth quarter. Commerce Bank now owns 12,282 shares of the company valued at $551,000 after buying 326 additional shares last quarter. Hedge funds and other institutional investors hold 85.76% of the company’s shares.

A Wall Street analyst gives his opinion

A number of research analysts have weighed in on MGM shares. UBS Group cut its price target on MGM Resorts International shares to $40.00 in a Thursday, June 9 report. JMP Securities assumed coverage for MGM Resorts International shares in a Tuesday, June 28 research report. They issued an “outperform” rating and a target price of $55.00 on the stock. Bank of America lowered its price target on MGM Resorts International shares from $55.00 to $50.00 and set a “neutral” rating on the stock in a Monday, April 18 research report. Morgan Stanley lowered its price target on shares of MGM Resorts International from $56.00 to $51.00 and set an “equal weight” rating on the stock in a Monday, April 25 research report. Finally, Citigroup lowered its price target on MGM Resorts International shares from $59.00 to $56.00 and set a “buy” rating on the stock in a Tuesday, July 5 research report. Eight analysts gave the stock a hold rating and nine gave the company a buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “moderate buy” and an average target price of $51.82.

Insiders place their bets

In other news, Director Paul J. Salem purchased 34,500 shares of MGM Resorts International in a transaction on Monday, June 13. The shares were purchased at an average cost of $28.92 per share, with a total value of $997,740.00. Following the completion of the purchase, the director now directly owns 1,555,000 shares of the company, valued at $44,970,600. The purchase was disclosed in a filing with the Securities & Exchange Commission, accessible via the SEC website. Separately, director Paul J. Salem purchased 34,500 shares of MGM Resorts International in a transaction dated Monday, June 13. The shares were acquired at an average cost of $28.92 per share, with a total value of $997,740.00. Following the purchase, the director now owns 1,555,000 shares of the company, valued at $44,970,600. The transaction was disclosed in a legal filing with the SEC, available at the SEC website. Also, director Paul J. Salem purchased 3,500 shares of MGM Resorts International in a trade dated Wednesday, May 25. The stock was purchased at an average price of $31.25 per share, for a total transaction of $109,375.00. Following the completion of the purchase, the administrator now directly owns 1,520,500 shares of the company, valued at approximately $47,515,625. Disclosure of this purchase can be found here. 2.13% of the shares are held by insiders.

Performance of MGM Resorts International Shares

MGM opened at $30.94 on Friday. The company has a market capitalization of $13.18 billion, a PE ratio of 10.01 and a beta of 2.17. MGM Resorts International has a 12-month low of $26.41 and a 12-month high of $51.17. The company’s 50-day moving average price is $31.35 and its 200-day moving average price is $38.37. The company has a current ratio of 1.25, a quick ratio of 1.23 and a debt ratio of 1.06.

MGM Resorts International (NYSE: MGMGet a rating) last released its results on Monday, May 2. The company reported EPS of $0.01 for the quarter, beating analyst consensus estimates of $0.09 ($0.09) by $0.10. MGM Resorts International achieved a net margin of 14.40% and a return on equity of 0.81%. The company posted revenue of $2.85 billion for the quarter, versus a consensus estimate of $2.75 billion. During the same period of the previous year, the company made ($0.68) earnings per share. As a group, sell-side analysts expect MGM Resorts International to post 0.94 EPS for the current fiscal year.

MGM Resorts International announces dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 15. Shareholders of record on Friday, June 10 received a dividend of $0.0025 per share. This represents a dividend of $0.01 on an annualized basis and a yield of 0.03%. The ex-dividend date was Thursday, June 9. MGM Resorts International’s dividend payout ratio (DPR) is currently 0.32%.

MGM Resorts International Profile

(Get a rating)

MGM Resorts International, through its subsidiaries, owns and operates casinos, hotels and entertainment centers in the United States and Macau. The Company operates through three segments: Las Vegas Strip Resorts, Regional Operations and MGM China. Its casino resorts offer gaming, hotels, conventions, restaurants, entertainment, retail and other resort amenities.

Further reading

Want to see what other hedge funds hold MGM? Visit HoldingsChannel.com for the latest 13F filings and insider trading for MGM Resorts International (NYSE: MGMGet a rating).

Institutional ownership by quarter for MGM Resorts International (NYSE: MGM)



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