Primecap Management Co. CA Sells 240,460 Shares of MGM Resorts International (NYSE:MGM)

Primecap Management Co. CA trimmed its holdings in MGM Resorts International (NYSE:MGM) by 30.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 558,490 shares of the company’s stock after selling 240,460 shares during the period. Primecap Management Co. CA owned 0.19% of MGM Resorts International worth $19,352,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Davis Selected Advisers boosted its holdings in MGM Resorts International by 4.6% in the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock worth $690,253,000 after purchasing an additional 882,417 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of MGM Resorts International by 2.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company’s stock valued at $177,777,000 after acquiring an additional 90,645 shares during the last quarter. Goldentree Asset Management LP raised its stake in shares of MGM Resorts International by 86.4% in the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after acquiring an additional 1,390,599 shares in the last quarter. HG Vora Capital Management LLC acquired a new stake in MGM Resorts International in the 3rd quarter worth approximately $97,725,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in MGM Resorts International by 5.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,298,094 shares of the company’s stock worth $89,832,000 after purchasing an additional 123,124 shares during the period. Institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MGM shares. JMP Securities restated a “market outperform” rating and issued a $50.00 price objective on shares of MGM Resorts International in a research note on Thursday, February 13th. Wells Fargo & Company upped their price target on shares of MGM Resorts International from $44.00 to $46.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Susquehanna Bancshares lifted their price objective on MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Barclays restated an “equal weight” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, Wedbush reaffirmed an “outperform” rating on shares of MGM Resorts International in a research 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.29.

Insider Buying and Selling at MGM Resorts International

In other news, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the sale, the chief accounting officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the acquisition, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. The trade was a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Up 2.6 %

Shares of MGM opened at $32.69 on Thursday. 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 50-day moving average price of $34.03 and a two-hundred day moving average price of $36.14. The stock has a market cap of $9.33 billion, a price-to-earnings ratio of 13.62, a P/E/G ratio of 0.98 and a beta of 2.18. MGM Resorts International has a 12 month low of $29.99 and a 12 month high of $48.25.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping 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%. Equities analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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.