New York Life Investment Management LLC Sells 359 Shares of MGM Resorts International (NYSE:MGM)

New York Life Investment Management LLC reduced its position in MGM Resorts International (NYSE:MGM) by 1.2% during the fourth quarter, HoldingsChannel reports. The fund owned 29,687 shares of the company’s stock after selling 359 shares during the quarter. New York Life Investment Management LLC’s holdings in MGM Resorts International were worth $1,029,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MGM. MidAtlantic Capital Management Inc. bought a new stake in MGM Resorts International in the 3rd quarter valued at about $28,000. Global Trust Asset Management LLC bought a new stake in shares of MGM Resorts International during the fourth quarter valued at about $28,000. Global Retirement Partners LLC increased its position in shares of MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after buying an additional 404 shares during the period. Brooklyn Investment Group bought a new stake in shares of MGM Resorts International during the third quarter valued at about $44,000. Finally, Planning Capital Management Corp bought a new stake in shares of MGM Resorts International during the third quarter valued at about $45,000. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock opened at $33.22 on Tuesday. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The company has a market cap of $9.49 billion, a PE ratio of 13.84, a P/E/G ratio of 0.98 and a beta of 2.20. The business has a 50 day moving average of $34.62 and a 200 day moving average of $36.73. MGM Resorts International has a 52 week low of $31.61 and a 52 week high of $48.24.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates 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, equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Morgan Stanley upped their price target on MGM Resorts International from $39.00 to $41.00 and gave the company an “equal weight” rating in a research report on Monday, February 24th. Leerink Partners lowered MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Mizuho boosted their price objective on MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, February 13th. Needham & Company LLC reissued a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, JMP Securities reissued a “market outperform” rating and set a $50.00 price objective on shares of MGM Resorts International in a report on Thursday, February 13th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.29.

Insider Activity at MGM Resorts International

In related news, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 18,301 shares in the company, valued at $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith A. Meister sold 51,000 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the transaction, the director now owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their position. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

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.