Sonora Investment Management Group LLC Decreases Stake in MGM Resorts International (NYSE:MGM)

Sonora Investment Management Group LLC reduced its position in shares of MGM Resorts International (NYSE:MGM) by 2.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 104,242 shares of the company’s stock after selling 2,988 shares during the period. Sonora Investment Management Group LLC’s holdings in MGM Resorts International were worth $3,612,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Empower Advisory Group LLC boosted its position in shares of MGM Resorts International by 4.2% in the 3rd quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock valued at $61,430,000 after purchasing an additional 62,997 shares during the period. Goldentree Asset Management LP boosted its holdings in shares of 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 valued at $117,270,000 after acquiring an additional 1,390,599 shares during the period. Miracle Mile Advisors LLC purchased a new position in shares of MGM Resorts International during the fourth quarter worth approximately $2,010,000. Assenagon Asset Management S.A. increased its holdings in shares of MGM Resorts International by 80.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock valued at $12,411,000 after acquiring an additional 159,522 shares during the period. Finally, Zacks Investment Management raised its position in MGM Resorts International by 7.8% in the 3rd quarter. Zacks Investment Management now owns 400,393 shares of the company’s stock valued at $15,651,000 after purchasing an additional 29,107 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Up 1.7 %

MGM opened at $34.60 on Friday. MGM Resorts International has a one year low of $31.61 and a one year high of $48.24. The company has a market cap of $10.30 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 2.89 and a beta of 2.21. The business’s fifty day moving average is $34.86 and its two-hundred day moving average is $37.48. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share 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 business had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter last year, the business posted $0.64 earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year. Analysts anticipate that MGM Resorts International will post 2.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. JMP Securities restated a “market outperform” rating and issued a $50.00 price objective on shares of MGM Resorts International in a research note on Thursday, January 16th. Wells Fargo & Company reduced their price objective on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Jefferies Financial Group lowered their target price on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, January 3rd. Truist Financial decreased their price target on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, 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 research note on Thursday, October 31st. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.93.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 51,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 5,687,478 shares of the company’s stock, valued at $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.13% of the company’s stock.

MGM Resorts International Company 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.