Zurcher Kantonalbank Zurich Cantonalbank Reduces Position in MGM Resorts International (NYSE:MGM)

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Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in MGM Resorts International (NYSE:MGM) by 7.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,029 shares of the company’s stock after selling 6,829 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in MGM Resorts International were worth $956,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Rhumbline Advisers boosted its holdings in MGM Resorts International by 2.8% in the 1st quarter. Rhumbline Advisers now owns 903,411 shares of the company’s stock valued at $10,660,000 after purchasing an additional 24,816 shares during the last quarter. Intrust Bank NA acquired a new position in MGM Resorts International in the 1st quarter valued at about $295,000. FineMark National Bank & Trust acquired a new position in MGM Resorts International in the 1st quarter valued at about $472,000. Alps Advisors Inc. boosted its holdings in MGM Resorts International by 113.1% in the 1st quarter. Alps Advisors Inc. now owns 42,190 shares of the company’s stock valued at $498,000 after purchasing an additional 22,389 shares during the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management acquired a new position in MGM Resorts International in the 1st quarter valued at about $485,000. Institutional investors own 84.38% of the company’s stock.

In other MGM Resorts International news, CEO William Hornbuckle bought 8,300 shares of the business’s stock in a transaction that occurred on Monday, March 30th. The shares were purchased at an average cost of $12.00 per share, with a total value of $99,600.00. Following the purchase, the chief executive officer now directly owns 115,730 shares in the company, valued at $1,388,760. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Keith A. Meister bought 500,000 shares of the business’s stock in a transaction that occurred on Monday, March 30th. The shares were acquired at an average cost of $11.80 per share, for a total transaction of $5,900,000.00. Following the completion of the purchase, the director now owns 19,266 shares in the company, valued at $227,338.80. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 834,832 shares of company stock worth $10,178,535. 5.06% of the stock is owned by insiders.

Shares of MGM opened at $15.90 on Friday. MGM Resorts International has a fifty-two week low of $5.90 and a fifty-two week high of $34.63. The firm’s 50 day moving average price is $14.19 and its 200 day moving average price is $24.96. The company has a market cap of $7.89 billion, a P/E ratio of 94.06 and a beta of 2.22. The company has a quick ratio of 2.85, a current ratio of 2.89 and a debt-to-equity ratio of 1.51.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, April 30th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.13). MGM Resorts International had a return on equity of 0.81% and a net margin of 23.59%. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the previous year, the company earned $0.12 earnings per share. MGM Resorts International’s quarterly revenue was down 29.1% on a year-over-year basis. Research analysts forecast that MGM Resorts International will post -3.12 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Wednesday, June 10th will be paid a dividend of $0.002 per share. This represents a $0.01 annualized dividend and a yield of 0.05%. The ex-dividend date of this dividend is Tuesday, June 9th. MGM Resorts International’s payout ratio is currently 77.92%.

Several research firms have weighed in on MGM. Argus lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Thursday, March 12th. Zacks Investment Research lowered shares of MGM Resorts International from a “hold” rating to a “sell” rating and set a $14.00 target price on the stock. in a report on Friday, May 15th. JPMorgan Chase & Co. lowered shares of MGM Resorts International from an “overweight” rating to a “neutral” rating and set a $18.00 price objective on the stock. in a report on Friday, May 1st. Susquehanna Bancshares upgraded shares of MGM Resorts International from a “negative” rating to a “neutral” rating and decreased their price objective for the stock from $27.00 to $10.00 in a report on Wednesday, March 18th. Finally, Stifel Nicolaus decreased their price objective on shares of MGM Resorts International from $38.00 to $20.00 and set a “hold” rating on the stock in a report on Friday, May 1st. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $20.67.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts 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, hotel, convention, dining, entertainment, retail, and other resort amenities.

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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