Versant Capital Management Inc Cuts Stock Position in MGM Resorts International (NYSE:MGM)

Versant Capital Management Inc reduced its position in MGM Resorts International (NYSE:MGM) by 32.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 779 shares of the company’s stock after selling 379 shares during the quarter. Versant Capital Management Inc’s holdings in MGM Resorts International were worth $27,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. HG Vora Capital Management LLC purchased a new position in shares of MGM Resorts International in the third quarter valued at approximately $97,725,000. Goldentree Asset Management LP grew its stake in shares of MGM Resorts International by 86.4% in the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after acquiring an additional 1,390,599 shares in the last quarter. Marshall Wace LLP increased its position in shares of MGM Resorts International by 174.8% during the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after acquiring an additional 706,159 shares during the period. LSV Asset Management acquired a new stake in shares of MGM Resorts International in the second quarter valued at $21,149,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in MGM Resorts International in the third quarter valued at $17,622,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the transaction, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.13% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MGM shares. Morgan Stanley upped their price target on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. JMP Securities cut their target price on shares of MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating on the stock in a research note on Monday, November 25th. Wells Fargo & Company decreased their price target on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Jefferies Financial Group dropped their price objective on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, January 3rd. Finally, Truist Financial decreased their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average target price of $52.36.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $33.22 on Wednesday. The stock has a market cap of $9.89 billion, a P/E ratio of 11.86, a P/E/G ratio of 3.10 and a beta of 2.21. MGM Resorts International has a twelve month low of $33.09 and a twelve month high of $48.24. The stock has a 50 day moving average of $36.32 and a two-hundred day moving average of $38.65. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the prior year, the company earned $0.64 EPS. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, research analysts forecast that MGM Resorts International will post 2.48 earnings per share for the current year.

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.