MGM Resorts International $MGM Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 15.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 72,632 shares of the company’s stock after selling 13,640 shares during the period. Exchange Traded Concepts LLC’s holdings in MGM Resorts International were worth $2,650,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in MGM Resorts International by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock worth $582,000 after acquiring an additional 951 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of MGM Resorts International by 12.1% during the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock worth $115,000 after purchasing an additional 421 shares in the last quarter. Woodline Partners LP boosted its position in shares of MGM Resorts International by 39.1% during the 1st quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock worth $560,000 after purchasing an additional 5,312 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of MGM Resorts International by 167.3% during the 2nd quarter. Franklin Resources Inc. now owns 39,629 shares of the company’s stock worth $1,363,000 after purchasing an additional 24,804 shares during the period. Finally, J.W. Cole Advisors Inc. acquired a new position in shares of MGM Resorts International during the 2nd quarter worth $255,000. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $36.94 on Wednesday. The firm has a market capitalization of $9.45 billion, a PE ratio of 49.26 and a beta of 1.38. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $40.16. The firm’s 50-day simple moving average is $35.73 and its 200 day simple moving average is $34.82. The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91.

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

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wells Fargo & Company raised their price objective on shares of MGM Resorts International from $29.00 to $31.00 and gave the company an “underweight” rating in a research note on Friday, January 16th. Morgan Stanley restated an “underweight” rating and set a $34.00 target price on shares of MGM Resorts International in a research report on Wednesday, February 11th. Truist Financial increased their target price on shares of MGM Resorts International from $38.00 to $39.00 and gave the company a “hold” rating in a report on Friday, February 6th. Texas Capital upgraded shares of MGM Resorts International to a “strong-buy” rating in a research report on Thursday, January 8th. Finally, Susquehanna decreased their price target on MGM Resorts International from $46.00 to $45.00 and set a “positive” rating on the stock in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, MGM Resorts International has a consensus rating of “Hold” and a consensus price target of $41.94.

Insider Activity

In related news, Director Keith A. Meister sold 37,500 shares of MGM Resorts International stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the completion of the transaction, the director directly owned 5,347,978 shares in the company, valued at $183,275,206.06. The trade was a 0.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Iac Inc. bought 450,000 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, March 24th. The stock was bought at an average cost of $37.13 per share, for a total transaction of $16,708,500.00. Following the purchase, the insider owned 66,822,350 shares in the company, valued at $2,481,113,855.50. This represents a 0.68% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.06% of the stock is owned by corporate insiders.

About MGM Resorts International

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.