GAMMA Investing LLC Sells 1,089 Shares of MGM Resorts International (NYSE:MGM)

GAMMA Investing LLC trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 15.7% during the 4th quarter, Holdings Channel reports. The fund owned 5,858 shares of the company’s stock after selling 1,089 shares during the period. GAMMA Investing LLC’s holdings in MGM Resorts International were worth $203,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Marshall Wace LLP boosted its stake 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 valued at $49,330,000 after purchasing an additional 706,159 shares in the last quarter. Empower Advisory Group LLC boosted its position in MGM Resorts International by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock valued at $61,430,000 after acquiring an additional 62,997 shares in the last quarter. Goldentree Asset Management LP increased its holdings in shares of MGM Resorts International by 86.4% in the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after acquiring an additional 1,390,599 shares during the period. Maverick Capital Ltd. bought a new position in shares of MGM Resorts International in the 2nd quarter worth $1,211,000. Finally, Zacks Investment Management lifted its stake in shares of MGM Resorts International by 7.8% during the 3rd quarter. Zacks Investment Management now owns 400,393 shares of the company’s stock worth $15,651,000 after purchasing an additional 29,107 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $33.22 on Wednesday. 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 has a twelve month low of $33.09 and a twelve month high of $48.24. The company’s 50 day moving average is $36.32 and its 200 day moving average is $38.65. The company has a market cap of $9.89 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 3.10 and a beta of 2.21.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts’ expectations of $4.21 billion. During the same period last year, the business earned $0.64 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, sell-side analysts forecast that MGM Resorts International will post 2.48 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on MGM. Barclays cut their target price on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, December 13th. Truist Financial reduced 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 note on Wednesday, October 23rd. Wells Fargo & Company lowered their target price 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. Mizuho reduced their price target on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Finally, JMP Securities lowered their price objective on MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating for the company in a research report on Monday, November 25th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and an average target price of $52.36.

Insider Activity

In related news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.13% of the company’s stock.

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.