Burney Co. Reduces Position in MGM Resorts International (NYSE:MGM)

Burney Co. decreased its holdings in MGM Resorts International (NYSE:MGM) by 45.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,326 shares of the company’s stock after selling 13,506 shares during the quarter. Burney Co.’s holdings in MGM Resorts International were worth $566,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Fisher Asset Management LLC raised its holdings in shares of MGM Resorts International by 2.0% during 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 grew its position in 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 purchasing an additional 1,390,599 shares during the period. HG Vora Capital Management LLC purchased a new stake in MGM Resorts International during the 3rd quarter valued at $97,725,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of 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 valued at $89,832,000 after buying an additional 123,124 shares during the period. Finally, FMR LLC boosted its stake in shares of MGM Resorts International by 5.0% in 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 last quarter. Institutional investors own 68.11% of the company’s stock.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction 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. This trade represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.13% of the company’s stock.

Wall Street Analyst Weigh In

MGM has been the topic of a number of recent research reports. Barclays lowered their target price on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 13th. Mizuho dropped 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. Truist Financial reduced their target price on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft dropped their price target 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. Finally, Morgan Stanley upped their price objective on 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. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $51.93.

MGM Resorts International Stock Down 0.8 %

Shares of MGM opened at $32.85 on Friday. The business’s 50 day moving average is $35.57 and its 200 day moving average is $38.14. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. MGM Resorts International has a 12-month low of $31.61 and a 12-month high of $48.24. The company has a market capitalization of $9.78 billion, a PE ratio of 11.73, a price-to-earnings-growth ratio of 3.04 and a beta of 2.21.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter in the previous year, the business earned $0.64 EPS. The company’s quarterly revenue was up 5.3% on a year-over-year basis. Research analysts expect that MGM Resorts International will post 2.43 earnings per share 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.