Todd Asset Management LLC cut its position in shares of MGM Resorts International (NYSE:MGM – Free Report) by 12.4% during the second quarter, HoldingsChannel.com reports. The firm owned 599,485 shares of the company’s stock after selling 85,126 shares during the period. Todd Asset Management LLC’s holdings in MGM Resorts International were worth $28,661,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of MGM Resorts International by 5.1% during the 1st 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 during the period. NewEdge Advisors LLC increased its stake in 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 boosted its holdings in MGM Resorts International by 39.1% during the first quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock valued at $560,000 after purchasing an additional 5,312 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in MGM Resorts International by 57.2% during the second quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company’s stock valued at $112,000 after purchasing an additional 1,182 shares in the last quarter. Finally, Jump Financial LLC grew its stake in shares of MGM Resorts International by 221.9% in the 2nd quarter. Jump Financial LLC now owns 26,782 shares of the company’s stock valued at $921,000 after purchasing an additional 18,463 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have issued reports on MGM shares. Susquehanna increased their price objective on MGM Resorts International from $52.00 to $53.00 and gave the stock a “positive” rating in a research note on Wednesday, July 29th. Weiss Ratings raised shares of MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, July 30th. Barclays increased their target price on shares of MGM Resorts International from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of MGM Resorts International from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.49.
Insider Buying and Selling at MGM Resorts International
In related news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction that occurred on 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 can be accessed through this link. 3.38% of the stock is currently owned by company insiders.
MGM Resorts International Stock Performance
Shares of MGM Resorts International stock opened at $44.03 on Friday. The firm has a market cap of $11.08 billion, a P/E ratio of 26.69 and a beta of 1.31. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30. The firm has a 50 day simple moving average of $46.37 and a 200 day simple moving average of $40.67.
MGM Resorts International (NYSE:MGM – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.79 earnings per share. Sell-side analysts predict that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.
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.
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