Fisher Asset Management LLC Sells 19,572 Shares of MGM Resorts International $MGM

Fisher Asset Management LLC trimmed its stake in shares of MGM Resorts International (NYSE:MGM) by 29.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,454 shares of the company’s stock after selling 19,572 shares during the quarter. Fisher Asset Management LLC’s holdings in MGM Resorts International were worth $1,732,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in MGM. AQR Capital Management LLC raised its position in shares of MGM Resorts International by 202.5% during the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after acquiring an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of MGM Resorts International by 81.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after acquiring an additional 3,429,946 shares during the last quarter. Davis Selected Advisers raised its position in shares of MGM Resorts International by 12.0% during the fourth quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after acquiring an additional 2,866,750 shares during the last quarter. Samlyn Capital LLC bought a new position in shares of MGM Resorts International during the third quarter worth about $62,787,000. Finally, SG Americas Securities LLC raised its position in shares of MGM Resorts International by 461.5% during the fourth quarter. SG Americas Securities LLC now owns 607,164 shares of the company’s stock worth $22,155,000 after acquiring an additional 499,024 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Insider Activity

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 transaction of $256,587.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Iac Inc. acquired 550,000 shares of MGM Resorts International stock in a transaction dated Monday, March 23rd. The shares were acquired at an average price of $37.30 per share, with a total value of $20,515,000.00. Following the completion of the acquisition, the insider directly owned 66,372,350 shares of the company’s stock, valued at approximately $2,475,688,655. The trade was a 0.84% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 3.38% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MGM shares. KeyCorp upgraded MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 target price for the company in a report on Monday, April 27th. JPMorgan Chase & Co. upgraded MGM Resorts International from a “neutral” rating to an “overweight” rating and set a $46.00 target price for the company in a report on Wednesday. Berenberg Bank reiterated a “buy” rating on shares of MGM Resorts International in a report on Wednesday, February 11th. Citigroup lowered their target price on MGM Resorts International from $41.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, April 30th. Finally, Stifel Nicolaus lowered their target price on MGM Resorts International from $50.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $48.18.

MGM Resorts International Trading Up 1.6%

NYSE MGM opened at $43.60 on Friday. The company has a market cap of $11.15 billion, a price-to-earnings ratio of 60.55 and a beta of 1.28. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $44.28. The business has a 50 day moving average price of $38.01 and a 200-day moving average price of $36.24. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.07). The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.37 billion. MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The company’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.69 EPS. As a group, equities analysts expect that MGM Resorts International will post 1.99 earnings per share for the current fiscal year.

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.