Paloma Partners Management Co Sells 3,584 Shares of MGM Resorts International (NYSE:MGM)

Paloma Partners Management Co lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 10.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 31,668 shares of the company’s stock after selling 3,584 shares during the quarter. Paloma Partners Management Co’s holdings in MGM Resorts International were worth $1,238,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the company. Fisher Asset Management LLC boosted its stake in MGM Resorts International by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company’s stock worth $177,777,000 after purchasing an additional 90,645 shares during the period. Goldentree Asset Management LP grew its holdings in MGM Resorts International by 86.4% during the 3rd 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in MGM Resorts International by 5.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,298,094 shares of the company’s stock worth $89,832,000 after purchasing an additional 123,124 shares in the last quarter. FMR LLC increased its holdings in shares of MGM Resorts International by 5.0% during the third quarter. FMR LLC now owns 1,681,699 shares of the company’s stock valued at $65,738,000 after acquiring an additional 79,486 shares in the last quarter. Finally, Empower Advisory Group LLC grew 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 worth $61,430,000 after purchasing an additional 62,997 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the sale, the director now owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. This represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. UBS Group upgraded MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Barclays lowered their target price on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Morgan Stanley boosted their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft reduced their target price on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Finally, Wells Fargo & Company lowered their price target on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $52.85.

MGM Resorts International Stock Performance

NYSE:MGM opened at $38.27 on Tuesday. The stock has a market capitalization of $11.39 billion, a P/E ratio of 13.67, a PEG ratio of 2.74 and a beta of 2.20. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The company has a 50 day moving average price of $38.70 and a 200 day moving average price of $39.59.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data 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 net margin of 5.23% and a return on equity of 25.84%. The firm had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the prior year, the firm posted $0.64 EPS. MGM Resorts International’s quarterly revenue was up 5.3% compared to the same quarter last year. Equities research analysts forecast that MGM Resorts International will post 2.5 EPS for the current 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.