Highland Capital Management LLC Decreases Stock Position in MGM Resorts International (NYSE:MGM)

Highland Capital Management LLC trimmed its position in shares of MGM Resorts International (NYSE:MGM) by 2.1% in the 4th quarter, Holdings Channel reports. The firm owned 91,860 shares of the company’s stock after selling 2,010 shares during the period. Highland Capital Management LLC’s holdings in MGM Resorts International were worth $3,183,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MGM. Fisher Asset Management LLC increased its holdings in shares of MGM Resorts International by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company’s stock valued at $177,777,000 after purchasing an additional 90,645 shares during the last quarter. Goldentree Asset Management LP raised its holdings in shares of MGM Resorts International by 86.4% during the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after acquiring an additional 1,390,599 shares during the period. HG Vora Capital Management LLC acquired a new position in shares of MGM Resorts International during the 3rd quarter valued at about $97,725,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of MGM Resorts International by 5.7% in 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 valued at $89,832,000 after purchasing an additional 123,124 shares during the period. Finally, FMR LLC increased its position in MGM Resorts International by 5.0% during the third quarter. FMR LLC now owns 1,681,699 shares of the company’s stock worth $65,738,000 after purchasing an additional 79,486 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $34.60 on Friday. MGM Resorts International has a 52 week low of $31.61 and a 52 week high of $48.24. The firm has a 50 day moving average of $34.86 and a two-hundred day moving average of $37.48. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The stock has a market capitalization of $10.30 billion, a PE ratio of 12.36, a P/E/G ratio of 3.06 and a beta of 2.21.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). The company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.64 earnings per share. On average, research analysts predict that MGM Resorts International will post 2.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on MGM. Wells Fargo & Company decreased their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Jefferies Financial Group lowered their price objective on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, January 3rd. Truist Financial reduced their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. JMP Securities reiterated a “market outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a report on Thursday, January 16th. Finally, Mizuho reduced their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus price target of $51.93.

Insider Activity

In related news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, December 13th. The shares were 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 in the company, valued at $207,991,070.46. The trade was a 0.89 % 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. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Company 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.