AQR Capital Management LLC Sells 30,848 Shares of MGM Resorts International (NYSE:MGM)

AQR Capital Management LLC lowered its stake in MGM Resorts International (NYSE:MGM) by 67.3% during the second quarter, Holdings Channel reports. The firm owned 14,981 shares of the company’s stock after selling 30,848 shares during the period. AQR Capital Management LLC’s holdings in MGM Resorts International were worth $660,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. UMB Bank n.a. grew its position in MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after acquiring an additional 237 shares during the last quarter. Texas Permanent School Fund Corp grew its position in MGM Resorts International by 0.4% in the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after acquiring an additional 245 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in MGM Resorts International by 1.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock valued at $1,018,000 after acquiring an additional 278 shares during the last quarter. HB Wealth Management LLC grew its position in MGM Resorts International by 6.3% in the second quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock valued at $219,000 after acquiring an additional 293 shares during the last quarter. Finally, US Bancorp DE grew its position in MGM Resorts International by 1.3% in the first quarter. US Bancorp DE now owns 23,558 shares of the company’s stock valued at $1,112,000 after acquiring an additional 298 shares during the last quarter. 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. Morgan Stanley decreased their target price on MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft reduced their price target on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. BTIG Research started coverage on MGM Resorts International in a report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price target on the stock. Stifel Nicolaus boosted their price target on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, UBS Group upgraded MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $54.21.

Insider Activity at MGM Resorts International

In other news, CEO William Hornbuckle purchased 58,900 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the purchase, the chief executive officer now owns 377,112 shares in the company, valued at approximately $12,719,987.76. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO William Hornbuckle purchased 58,900 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the purchase, the chief executive officer now owns 377,112 shares in the company, valued at approximately $12,719,987.76. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Keith A. Meister sold 121,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders bought 216,400 shares of company stock valued at $7,312,197. Insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Performance

NYSE MGM opened at $39.66 on Monday. The firm has a market cap of $12.44 billion, a price-to-earnings ratio of 15.25, a price-to-earnings-growth ratio of 0.92 and a beta of 2.23. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65. The business has a 50-day moving average price of $37.77 and a 200-day moving average price of $40.70. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.59 earnings per share. As a group, equities research analysts predict that MGM Resorts International will post 2.55 EPS for the current fiscal year.

MGM Resorts International 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.