Gabelli Funds LLC Cuts Stake in MGM Resorts International (NYSE:MGM)

Gabelli Funds LLC lowered its holdings in shares of MGM Resorts International (NYSE:MGM) by 8.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 294,750 shares of the company’s stock after selling 26,900 shares during the quarter. Gabelli Funds LLC owned approximately 0.09% of MGM Resorts International worth $13,915,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MGM. Norges Bank purchased a new stake in shares of MGM Resorts International during the fourth quarter worth about $139,599,000. Boston Partners grew its position in shares of MGM Resorts International by 36.3% during the fourth quarter. Boston Partners now owns 5,427,254 shares of the company’s stock worth $242,002,000 after purchasing an additional 1,446,362 shares in the last quarter. Capital World Investors grew its holdings in MGM Resorts International by 17.7% during the 4th quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after buying an additional 984,617 shares in the last quarter. Hsbc Holdings PLC grew its holdings in MGM Resorts International by 112.1% during the 4th quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock valued at $67,466,000 after buying an additional 795,920 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its holdings in 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 valued at $107,295,000 after buying an additional 416,911 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

MGM has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their price target on MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Barclays raised their price target on MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. StockNews.com cut MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Susquehanna upgraded MGM Resorts International from a “neutral” rating to a “positive” rating and raised their price target for the company from $46.00 to $54.00 in a report on Thursday, May 2nd. Finally, JMP Securities raised their price target on MGM Resorts International from $58.00 to $59.00 and gave the company a “market outperform” rating in a report on Wednesday, July 17th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.66.

MGM Resorts International Trading Up 1.0 %

Shares of MGM stock traded up $0.40 on Friday, reaching $41.84. 2,738,119 shares of the company’s stock were exchanged, compared to its average volume of 3,094,533. MGM Resorts International has a 52 week low of $34.12 and a 52 week high of $51.35. The company has a current ratio of 1.51, a quick ratio of 1.46 and a debt-to-equity ratio of 1.56. The stock has a market capitalization of $13.12 billion, a PE ratio of 16.09, a P/E/G ratio of 0.87 and a beta of 2.24. The company’s fifty day simple moving average is $42.02 and its 200 day simple moving average is $42.83.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.18. The business had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. MGM Resorts International’s revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 EPS. As a group, analysts forecast that MGM Resorts International will post 3 EPS for the current year.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 4,344 shares of MGM Resorts International stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total transaction of $178,190.88. Following the completion of the sale, the director now directly owns 5,250 shares of the company’s stock, valued at approximately $215,355. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other MGM Resorts International news, Director Daniel J. Taylor sold 4,344 shares of MGM Resorts International stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total transaction of $178,190.88. Following the completion of the sale, the director now directly owns 5,250 shares of the company’s stock, valued at approximately $215,355. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Keith A. Meister sold 139,300 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the transaction, the director now directly owns 5,859,478 shares of the company’s stock, valued at $236,957,290.32. The disclosure for this sale can be found here. Insiders sold a total of 147,988 shares of company stock valued at $5,991,759 in the last ninety days. Corporate insiders own 2.13% of the company’s stock.

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.