Securian Asset Management Inc. Cuts Stock Holdings in MGM Resorts International (NYSE:MGM)

Securian Asset Management Inc. lowered its holdings in MGM Resorts International (NYSE:MGM) by 5.3% in the 4th quarter, HoldingsChannel reports. The firm owned 12,094 shares of the company’s stock after selling 673 shares during the quarter. Securian Asset Management Inc.’s holdings in MGM Resorts International were worth $419,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MGM. MidAtlantic Capital Management Inc. bought a new position in MGM Resorts International in the third quarter worth approximately $28,000. Assetmark Inc. lifted its stake in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares during the last quarter. Global Trust Asset Management LLC bought a new stake in MGM Resorts International during the fourth quarter valued at about $28,000. Brooklyn Investment Group purchased a new position in MGM Resorts International in the third quarter valued at about $44,000. Finally, Global Retirement Partners LLC raised its holdings in MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after purchasing an additional 404 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Up 2.1 %

MGM stock opened at $32.43 on Tuesday. The company has a market capitalization of $9.26 billion, a P/E ratio of 13.51, a price-to-earnings-growth 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. The firm’s fifty day simple moving average is $34.06 and its 200-day simple moving average is $36.21. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26.

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

Insider Buying and Selling

In other news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, 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 legal filing with the SEC, which is available through this link. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. 2.13% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MGM. Susquehanna Bancshares raised their price target on shares of MGM Resorts International from $53.00 to $56.00 in a report on Wednesday, February 12th. Stifel Nicolaus raised their target price on shares of MGM Resorts International from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Barclays reaffirmed an “equal weight” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. JMP Securities reissued a “market outperform” rating and issued a $50.00 price objective on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, Mizuho upped their target price on MGM Resorts International from $56.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $51.29.

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.