Gabelli Funds LLC Trims Stake in MGM Resorts International (NYSE:MGM)

Gabelli Funds LLC reduced its position in MGM Resorts International (NYSE:MGM) by 8.4% in the 1st quarter, Holdings Channel reports. The firm owned 294,750 shares of the company’s stock after selling 26,900 shares during the period. Gabelli Funds LLC’s holdings in MGM Resorts International were worth $13,915,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Gamco Investors INC. ET AL increased its position in MGM Resorts International by 0.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 537,671 shares of the company’s stock valued at $25,383,000 after acquiring an additional 3,780 shares during the period. Advisors Asset Management Inc. increased its position in MGM Resorts International by 106.8% in the 1st quarter. Advisors Asset Management Inc. now owns 8,542 shares of the company’s stock valued at $403,000 after acquiring an additional 4,412 shares during the period. Axxcess Wealth Management LLC acquired a new position in MGM Resorts International in the 1st quarter valued at about $206,000. CreativeOne Wealth LLC increased its position in MGM Resorts International by 15.7% during the 1st quarter. CreativeOne Wealth LLC now owns 12,592 shares of the company’s stock worth $594,000 after purchasing an additional 1,711 shares during the period. Finally, Burns Matteson Capital Management LLC acquired a new position in MGM Resorts International during the 1st quarter worth approximately $399,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Wells Fargo & Company dropped their target price on MGM Resorts International from $56.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 16th. Morgan Stanley dropped their target price on MGM Resorts International from $47.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. Susquehanna upgraded MGM Resorts International from a “neutral” rating to a “positive” rating and boosted their target price for the stock from $46.00 to $54.00 in a research report on Thursday, May 2nd. StockNews.com cut MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Finally, JMP Securities boosted their target price on MGM Resorts International from $58.00 to $59.00 and gave the stock a “market outperform” rating in a research report on Wednesday, July 17th. Three research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and an average price target of $54.66.

MGM Resorts International Price Performance

MGM stock traded up $0.40 on Friday, reaching $41.84. The company had a trading volume of 2,738,119 shares, compared to its average volume of 3,094,533. MGM Resorts International has a 1 year low of $34.12 and a 1 year high of $51.35. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51. The company’s fifty day moving average is $42.02 and its 200 day moving average is $42.83. The company has a market cap of $13.12 billion, a P/E ratio of 16.09, a PEG ratio of 0.87 and a beta of 2.24.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.18. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The firm had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the prior year, the company earned $0.44 EPS. MGM Resorts International’s revenue was up 13.2% on a year-over-year basis. On average, research analysts forecast that MGM Resorts International will post 3 earnings per share for the current year.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 139,300 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the sale, the director now owns 5,859,478 shares of the company’s stock, valued at approximately $236,957,290.32. The transaction was disclosed in a filing with the SEC, which is available through this link. In other MGM Resorts International news, Director Daniel J. Taylor sold 4,344 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total transaction of $178,190.88. Following the transaction, the director now owns 5,250 shares of the company’s stock, valued at approximately $215,355. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Keith A. Meister sold 139,300 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the transaction, the director now directly owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 147,988 shares of company stock valued at $5,991,759. 2.13% of the stock is owned by corporate insiders.

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.