MGM Resorts International $MGM Shares Sold by Voya Investment Management LLC

Voya Investment Management LLC lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 24.0% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 43,460 shares of the company’s stock after selling 13,690 shares during the period. Voya Investment Management LLC’s holdings in MGM Resorts International were worth $1,506,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CYBER HORNET ETFs LLC purchased a new position in shares of MGM Resorts International during the second quarter worth $25,000. Bayforest Capital Ltd purchased a new stake in shares of MGM Resorts International in the 1st quarter valued at $43,000. MassMutual Private Wealth & Trust FSB lifted its stake in MGM Resorts International by 66.9% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after acquiring an additional 529 shares in the last quarter. Employees Retirement System of Texas acquired a new position in MGM Resorts International during the 2nd quarter worth about $45,000. Finally, Quarry LP lifted its stake in MGM Resorts International by 24.1% during the 1st quarter. Quarry LP now owns 1,795 shares of the company’s stock worth $53,000 after acquiring an additional 349 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Trading Down 1.5%

NYSE:MGM opened at $37.13 on Tuesday. The stock has a market cap of $10.16 billion, a P/E ratio of 232.07, a P/E/G ratio of 2.48 and a beta of 1.48. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $41.32. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.19 and a current ratio of 1.23. The stock has a 50-day simple moving average of $34.25 and a 200-day simple moving average of $35.22.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a return on equity of 17.23% and a net margin of 0.40%.The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 EPS. As a group, analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Iac Inc. purchased 1,098,748 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The shares were purchased at an average cost of $36.30 per share, for a total transaction of $39,884,552.40. Following the purchase, the insider directly owned 65,822,350 shares of the company’s stock, valued at $2,389,351,305. The trade was a 1.70% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MGM. Mizuho set a $62.00 price target on shares of MGM Resorts International in a research report on Thursday, October 30th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $33.00 target price on shares of MGM Resorts International in a research note on Monday, December 15th. Citigroup decreased their price target on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a research report on Thursday, October 30th. Capital One Financial cut their price objective on MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, December 5th. Finally, Macquarie reduced their price objective on MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, October 2nd. Twelve analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $45.31.

MGM Resorts International Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.