Short Interest in MGM Resorts International (NYSE:MGM) Drops By 13.5%

MGM Resorts International (NYSE:MGM) saw a large decline in short interest in June. As of June 30th, there was short interest totalling 12,200,000 shares, a decline of 13.5% from the June 15th total of 14,100,000 shares. Approximately 5.0% of the shares of the stock are short sold. Based on an average trading volume of 3,550,000 shares, the days-to-cover ratio is presently 3.4 days.

Insider Buying and Selling

In related news, Director Alexis Herman sold 4,344 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $41.50, for a total value of $180,276.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other MGM Resorts International news, Director Alexis Herman sold 4,344 shares of MGM Resorts International stock in a transaction on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Keith A. Meister sold 139,300 shares of MGM Resorts International stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the sale, the director now directly owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 147,988 shares of company stock valued at $5,991,759. 2.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MGM Resorts International

Several institutional investors have recently made changes to their positions in MGM. Fisher Asset Management LLC raised its stake in shares of MGM Resorts International by 4.9% during the 4th quarter. Fisher Asset Management LLC now owns 4,346,250 shares of the company’s stock worth $194,190,000 after buying an additional 202,434 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in shares of MGM Resorts International by 21.0% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock worth $107,295,000 after buying an additional 416,911 shares during the last quarter. Gateway Investment Advisers LLC raised its stake in shares of MGM Resorts International by 41.2% during the 1st quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock worth $465,000 after buying an additional 2,872 shares during the last quarter. ACR Alpine Capital Research LLC acquired a new position in shares of MGM Resorts International during the 1st quarter worth $3,922,000. Finally, RB Capital Management LLC raised its stake in shares of MGM Resorts International by 6.6% during the 4th quarter. RB Capital Management LLC now owns 17,040 shares of the company’s stock worth $761,000 after buying an additional 1,060 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Stock Performance

Shares of MGM opened at $46.11 on Monday. The firm has a market cap of $14.46 billion, a PE ratio of 17.73, a price-to-earnings-growth ratio of 0.95 and a beta of 2.24. MGM Resorts International has a 12-month low of $34.12 and a 12-month high of $51.35. The company’s 50 day simple moving average is $41.35 and its 200-day simple moving average is $42.86. The company has a current ratio of 1.51, a quick ratio of 1.46 and a debt-to-equity ratio of 1.56.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.56 by $0.18. The company had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The business’s revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 EPS. As a group, equities analysts predict that MGM Resorts International will post 3.01 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on MGM. StockNews.com cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Morgan Stanley decreased their target price on shares of MGM Resorts International from $47.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday. JPMorgan Chase & Co. upped their target price on shares of MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Barclays boosted their price target on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Finally, JMP Securities boosted their price target on shares of MGM Resorts International from $57.00 to $58.00 and gave the stock a “market outperform” rating in a research note on Monday, May 6th. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.53.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.