MGM Resorts International (NYSE:MGM) Position Reduced by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC reduced its position in shares of MGM Resorts International (NYSE:MGM) by 21.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 89,299 shares of the company’s stock after selling 24,982 shares during the period. Exchange Traded Concepts LLC’s holdings in MGM Resorts International were worth $3,094,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Fisher Asset Management LLC lifted 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 buying an additional 90,645 shares during the period. Goldentree Asset Management LP raised its position in MGM Resorts International by 86.4% in the third 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 in the last quarter. HG Vora Capital Management LLC acquired a new stake in MGM Resorts International in the 3rd quarter valued at about $97,725,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position 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 purchasing an additional 123,124 shares in the last quarter. Finally, FMR LLC boosted its position in shares of MGM Resorts International by 5.0% during the 3rd quarter. FMR LLC now owns 1,681,699 shares of the company’s stock valued at $65,738,000 after purchasing an additional 79,486 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Trading Down 0.7 %

NYSE MGM opened at $32.90 on Friday. 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 1-year low of $31.61 and a 1-year high of $48.24. The firm’s fifty day simple moving average is $35.15 and its 200-day simple moving average is $37.75. The company has a market capitalization of $9.79 billion, a PE ratio of 11.75, a price-to-earnings-growth ratio of 3.06 and a beta of 2.21.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results 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 firm had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the prior year, the firm earned $0.64 earnings per share. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MGM Resorts International 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 transaction, the director now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.13% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently commented on MGM shares. Morgan Stanley increased their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Truist Financial reduced their price objective on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Jefferies Financial Group decreased their target price on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, January 3rd. Mizuho reduced their target price on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Finally, Barclays dropped their price target on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, December 13th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.93.

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.