Artisan Partners Limited Partnership Reduces Holdings in MGM Resorts International (NYSE:MGM)

Artisan Partners Limited Partnership reduced its stake in MGM Resorts International (NYSE:MGM) by 1.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 819,781 shares of the company’s stock after selling 16,080 shares during the period. Artisan Partners Limited Partnership owned about 0.28% of MGM Resorts International worth $28,405,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MGM. Global Trust Asset Management LLC purchased a new position in shares of MGM Resorts International in the fourth quarter worth $28,000. Assetmark Inc. increased its position in shares of MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after acquiring an additional 411 shares during the period. Global Retirement Partners LLC raised its stake in shares of MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after acquiring an additional 404 shares during the last quarter. Brooklyn Investment Group purchased a new stake in shares of MGM Resorts International during the third quarter worth about $44,000. Finally, Modus Advisors LLC bought a new stake in shares of MGM Resorts International in the fourth quarter worth about $46,000. Institutional investors own 68.11% of the company’s stock.

Insider Activity at MGM Resorts International

In related news, CFO Jonathan S. Halkyard bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the acquisition, the chief financial officer now owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This trade represents a 15.23 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on MGM. Truist Financial lowered their price target on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Wedbush restated an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Leerink Partners cut shares of MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Mizuho upped their price objective on shares of MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, February 13th. Finally, BTIG Research cut shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research report on Monday, February 3rd. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.29.

MGM Resorts International Stock Down 4.0 %

Shares of MGM Resorts International stock opened at $30.35 on Friday. The company has a 50-day simple moving average of $33.90 and a two-hundred day simple moving average of $35.93. MGM Resorts International has a 52-week low of $29.99 and a 52-week high of $48.25. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The stock has a market capitalization of $8.67 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. On average, analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

About MGM Resorts International

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.