Pinnacle Associates Ltd. Sells 15,877 Shares of MGM Resorts International $MGM

Pinnacle Associates Ltd. lessened its holdings in MGM Resorts International (NYSE:MGM) by 15.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 90,045 shares of the company’s stock after selling 15,877 shares during the quarter. Pinnacle Associates Ltd.’s holdings in MGM Resorts International were worth $4,305,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in MGM. AQR Capital Management LLC lifted its holdings in shares of MGM Resorts International by 202.5% during the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after purchasing an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of MGM Resorts International by 81.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after purchasing an additional 3,429,946 shares in the last quarter. Davis Selected Advisers grew its stake in shares of MGM Resorts International by 12.0% in the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after buying an additional 2,866,750 shares during the last quarter. Norges Bank purchased a new stake in shares of MGM Resorts International in the 4th quarter worth approximately $82,348,000. Finally, Samlyn Capital LLC bought a new position in MGM Resorts International during the 3rd quarter valued at approximately $62,787,000. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.38% of the stock is owned by corporate insiders.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $44.03 on Friday. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59. The firm has a market cap of $11.08 billion, a P/E ratio of 26.69 and a beta of 1.31. The company has a 50 day moving average of $46.37 and a 200 day moving average of $40.67. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.42 billion. During the same period in the prior year, the firm posted $0.79 EPS. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, research analysts expect that MGM Resorts International will post 1.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MGM. Truist Financial upgraded MGM Resorts International from a “hold” rating to a “buy” rating and lifted their price objective for the company from $42.00 to $55.00 in a research note on Wednesday, May 27th. UBS Group set a $48.00 target price on MGM Resorts International in a research note on Thursday, July 2nd. Susquehanna raised their price target on MGM Resorts International from $52.00 to $53.00 and gave the company a “positive” rating in a report on Wednesday, July 29th. Wells Fargo & Company raised MGM Resorts International from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $33.00 to $48.30 in a research report on Tuesday, July 7th. Finally, Barclays lifted their price target on MGM Resorts International from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.49.

MGM Resorts International Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.