Rehmann Capital Advisory Group Cuts Stock Position in MGM Resorts International (NYSE:MGM)

Rehmann Capital Advisory Group trimmed its position in shares of MGM Resorts International (NYSE:MGM) by 8.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,888 shares of the company’s stock after selling 621 shares during the quarter. Rehmann Capital Advisory Group’s holdings in MGM Resorts International were worth $269,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MGM. HG Vora Capital Management LLC purchased a new position in MGM Resorts International during the 3rd quarter worth $97,725,000. Goldentree Asset Management LP grew its stake in shares of MGM Resorts International by 86.4% during 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 during the last quarter. Marshall Wace LLP increased its holdings in shares of MGM Resorts International by 174.8% during the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after acquiring an additional 706,159 shares in the last quarter. LSV Asset Management purchased a new position in shares of MGM Resorts International in the 2nd quarter valued at approximately $21,149,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in MGM Resorts International in the 3rd quarter worth approximately $17,622,000. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Stock Performance

Shares of NYSE MGM opened at $36.25 on Friday. The company has a market capitalization of $10.79 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 3.16 and a beta of 2.20. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The company’s fifty day moving average price is $38.37 and its 200 day moving average price is $39.36. 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 posted its 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 return on equity of 25.84% and a net margin of 5.23%. The firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the previous year, the company earned $0.64 earnings per share. The company’s revenue was up 5.3% compared to the same quarter last year. On average, research analysts predict that MGM Resorts International will post 2.48 earnings per share for the current year.

Analysts Set New Price Targets

MGM has been the topic of a number of recent analyst reports. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Mizuho cut their target price on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Morgan Stanley lifted their price target on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 22nd. JMP Securities cut their price objective on MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, November 25th. Finally, Truist Financial reduced their price objective on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and an average price target of $52.54.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 51,000 shares of the stock in a transaction that occurred on 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 owns 5,687,478 shares in the company, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.13% of the stock is owned by corporate insiders.

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.