Arrowstreet Capital Limited Partnership Trims Stake in MGM Resorts International $MGM

Arrowstreet Capital Limited Partnership trimmed its stake in MGM Resorts International (NYSE:MGM) by 7.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,099,491 shares of the company’s stock after selling 542,569 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in MGM Resorts International were worth $259,060,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in MGM Resorts International by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company’s stock worth $817,175,000 after buying an additional 340,629 shares during the period. TD Asset Management Inc raised its position in shares of MGM Resorts International by 146.9% during the 3rd quarter. TD Asset Management Inc now owns 92,957 shares of the company’s stock valued at $3,222,000 after buying an additional 55,300 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of MGM Resorts International by 31.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 510,715 shares of the company’s stock valued at $17,701,000 after buying an additional 120,800 shares in the last quarter. Jefferies Financial Group Inc. purchased a new stake in shares of MGM Resorts International during the 3rd quarter valued at about $2,184,000. Finally, Focus Partners Advisor Solutions LLC purchased a new stake in shares of MGM Resorts International during the 3rd quarter valued at about $1,014,000. Institutional investors own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $50.00 to $44.00 in a research report on Friday, May 1st. The Goldman Sachs Group raised their target price on shares of MGM Resorts International from $34.00 to $38.00 and gave the stock a “sell” rating in a research report on Thursday, April 30th. Wells Fargo & Company lifted their price objective on shares of MGM Resorts International from $30.00 to $33.00 and gave the company an “underweight” rating in a report on Thursday, April 30th. Citigroup lowered their target price on shares of MGM Resorts International from $41.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Finally, Truist Financial upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and raised their target price for the company from $42.00 to $55.00 in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $50.18.

Insiders Place Their Bets

In other news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Iac Inc. bought 550,000 shares of the company’s stock in a transaction dated Monday, March 23rd. The stock was bought at an average price of $37.30 per share, for a total transaction of $20,515,000.00. Following the transaction, the insider owned 66,372,350 shares of the company’s stock, valued at approximately $2,475,688,655. This trade represents a 0.84% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.38% of the stock is currently owned by insiders.

MGM Resorts International Trading Down 0.1%

Shares of MGM Resorts International stock opened at $48.91 on Monday. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. The firm has a fifty day moving average price of $40.27 and a 200 day moving average price of $37.39. MGM Resorts International has a 1 year low of $29.18 and a 1 year high of $51.59. The stock has a market cap of $12.51 billion, a PE ratio of 67.93 and a beta of 1.31.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.37 billion. During the same period last year, the business earned $0.69 EPS. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. Equities research analysts predict that MGM Resorts International will post 1.95 earnings per share for the current year.

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.