Nisa Investment Advisors LLC Sells 37,400 Shares of MGM Resorts International $MGM

Nisa Investment Advisors LLC cut its holdings in MGM Resorts International (NYSE:MGM) by 26.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 106,136 shares of the company’s stock after selling 37,400 shares during the period. Nisa Investment Advisors LLC’s holdings in MGM Resorts International were worth $3,679,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in MGM Resorts International by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock worth $582,000 after buying an additional 951 shares during the period. NewEdge Advisors LLC boosted its position in shares of MGM Resorts International by 12.1% in the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock valued at $115,000 after acquiring an additional 421 shares during the period. Woodline Partners LP grew its stake in shares of MGM Resorts International by 39.1% in the first quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock worth $560,000 after acquiring an additional 5,312 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of MGM Resorts International by 0.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,985,513 shares of the company’s stock worth $58,851,000 after acquiring an additional 5,407 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in MGM Resorts International by 7.7% during the second quarter. Parallel Advisors LLC now owns 6,748 shares of the company’s stock worth $232,000 after acquiring an additional 482 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock opened at $34.81 on Tuesday. The firm has a market cap of $9.52 billion, a P/E ratio of 217.54, a price-to-earnings-growth ratio of 2.60 and a beta of 1.46. The firm’s 50-day simple moving average is $34.92 and its 200-day simple moving average is $35.36. MGM Resorts International has a twelve month low of $25.30 and a twelve month 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.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.13). The business had revenue of $4.25 billion during 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 business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period last year, the company earned $0.54 EPS. As a group, research analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Iac Inc. bought 1,098,748 shares of the company’s stock in a transaction dated Friday, December 5th. The stock was acquired at an average cost of $36.30 per share, with a total value of $39,884,552.40. Following the acquisition, the insider owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. This represents a 1.70% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.06% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on MGM. Truist Financial reduced their price target on shares of MGM Resorts International from $47.00 to $45.00 and set a “buy” rating for the company in a report on Friday, January 2nd. The Goldman Sachs Group reaffirmed a “sell” rating and set a $33.00 price objective on shares of MGM Resorts International in a research report on Monday, December 15th. Barclays set a $38.00 target price on shares of MGM Resorts International and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. Citigroup decreased their target price on MGM Resorts International from $51.00 to $47.50 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Finally, Zacks Research raised MGM Resorts International from a “strong sell” rating to a “hold” rating in a report on Monday, December 22nd. Eleven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $44.91.

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.