MGM Resorts International (NYSE:MGM) Shares Sold by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp reduced its stake in MGM Resorts International (NYSE:MGM) by 2.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 16,224 shares of the company’s stock after selling 345 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in MGM Resorts International were worth $634,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Fisher Asset Management LLC lifted its holdings in shares of MGM Resorts International by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company’s stock worth $177,777,000 after acquiring an additional 90,645 shares during the last quarter. Goldentree Asset Management LP lifted its holdings 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 worth $117,270,000 after acquiring an additional 1,390,599 shares during the last quarter. HG Vora Capital Management LLC purchased a new stake in MGM Resorts International during the 3rd quarter worth approximately $97,725,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in MGM Resorts International by 5.7% during the 3rd 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 buying an additional 123,124 shares during the period. Finally, FMR LLC increased its stake in MGM Resorts International by 5.0% during the 3rd quarter. FMR LLC now owns 1,681,699 shares of the company’s stock worth $65,738,000 after buying an additional 79,486 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Down 1.5 %

Shares of NYSE:MGM opened at $36.25 on Monday. The stock has a market cap of $10.79 billion, a P/E ratio of 12.95, a P/E/G ratio of 3.16 and a beta of 2.20. The firm has a fifty day moving average price of $38.37 and a 200 day moving average price of $39.37. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The business 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 firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.64 EPS. Sell-side analysts predict that MGM Resorts International will post 2.48 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on MGM. Barclays cut their target price on shares of MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday. UBS Group raised shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Deutsche Bank Aktiengesellschaft cut their target price on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Morgan Stanley upped their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. Finally, Truist Financial cut their target price on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $52.54.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction 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 sale, the director now owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.13% of the company’s stock.

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.