Artisan Partners Limited Partnership Lowers Position in MGM Resorts International $MGM

Artisan Partners Limited Partnership decreased its stake in shares of MGM Resorts International (NYSE:MGM) by 25.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 682,023 shares of the company’s stock after selling 232,017 shares during the period. Artisan Partners Limited Partnership owned 0.25% of MGM Resorts International worth $23,639,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International during the 2nd quarter worth $25,000. Mendota Financial Group LLC acquired a new stake in MGM Resorts International during the third quarter worth about $27,000. Mather Group LLC. purchased a new position in shares of MGM Resorts International in the 3rd quarter worth about $33,000. Employees Retirement System of Texas purchased a new position in shares of MGM Resorts International in the 2nd quarter worth about $45,000. Finally, Assetmark Inc. lifted its stake in shares of MGM Resorts International by 120.3% in the 2nd quarter. Assetmark Inc. now owns 1,813 shares of the company’s stock valued at $62,000 after purchasing an additional 990 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on MGM shares. Susquehanna cut their price target on shares of MGM Resorts International from $46.00 to $45.00 and set a “positive” rating on the stock in a report on Friday, February 6th. UBS Group cut their target price on shares of MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating on the stock in a research note on Monday, November 17th. Texas Capital upgraded shares of MGM Resorts International to a “strong-buy” rating in a report on Thursday, January 8th. Berenberg Bank reiterated a “buy” rating on shares of MGM Resorts International in a report on Wednesday, February 11th. Finally, The Goldman Sachs Group reissued a “sell” rating and issued a $33.00 price objective on shares of MGM Resorts International in a research report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat, MGM Resorts International has a consensus rating of “Hold” and a consensus target price of $41.94.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $36.83 on Friday. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $40.16. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.23 and a quick ratio of 1.20. The company has a market capitalization of $9.42 billion, a price-to-earnings ratio of 49.11 and a beta of 1.44. The firm’s fifty day moving average price is $35.48 and its 200 day moving average price is $34.96.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.42 billion. During the same period in the prior year, the company posted $0.45 EPS. On average, research analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other MGM Resorts International news, major shareholder Iac Inc. bought 1,098,748 shares of the business’s stock in a transaction on Friday, December 5th. The shares were bought at an average cost of $36.30 per share, with a total value of $39,884,552.40. Following the transaction, the insider directly owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. This trade represents a 1.70% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Company 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.