MGM Resorts International $MGM Stock Position Trimmed by Goldentree Asset Management LP

Goldentree Asset Management LP lessened its holdings in MGM Resorts International (NYSE:MGM) by 23.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,155,183 shares of the company’s stock after selling 1,246,909 shares during the quarter. MGM Resorts International accounts for 11.9% of Goldentree Asset Management LP’s investment portfolio, making the stock its 3rd largest position. Goldentree Asset Management LP owned approximately 1.52% of MGM Resorts International worth $144,019,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of MGM Resorts International by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company’s stock worth $817,175,000 after buying an additional 340,629 shares during the last quarter. AQR Capital Management LLC increased its holdings in 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 worth $292,772,000 after buying an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in MGM Resorts International by 81.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after acquiring an additional 3,429,946 shares during the period. Invesco Ltd. raised its position in MGM Resorts International by 3.4% in the third quarter. Invesco Ltd. now owns 5,940,465 shares of the company’s stock worth $205,897,000 after acquiring an additional 194,114 shares during the period. Finally, LSV Asset Management boosted its stake in MGM Resorts International by 4.3% in the third quarter. LSV Asset Management now owns 2,783,800 shares of the company’s stock valued at $96,487,000 after acquiring an additional 114,400 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Stock Down 1.5%

MGM opened at $36.33 on Thursday. The firm has a market capitalization of $9.29 billion, a P/E ratio of 48.43 and a beta of 1.38. MGM Resorts International has a one year low of $25.30 and a one year high of $40.16. The company has a fifty day moving average price of $35.37 and a 200-day moving average price of $34.84. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.23 and a quick ratio of 1.20.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.96. The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.During the same quarter last year, the business posted $0.45 earnings per share. Equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MGM has been the subject of several research analyst reports. Barclays set a $37.00 price target on shares of MGM Resorts International in a research note on Friday, February 6th. JPMorgan Chase & Co. upped their price objective on MGM Resorts International from $39.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, February 6th. Susquehanna decreased their target price on MGM Resorts International from $46.00 to $45.00 and set a “positive” rating for the company in a research report on Friday, February 6th. Wells Fargo & Company boosted their target price on MGM Resorts International from $29.00 to $31.00 and gave the company an “underweight” rating in a research note on Friday, January 16th. Finally, Berenberg Bank reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $41.94.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 37,500 shares of the firm’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $34.27, for a total value of $1,285,125.00. Following the sale, the director owned 5,347,978 shares of the company’s stock, valued at $183,275,206.06. This trade represents a 0.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.06% of the stock is currently owned by insiders.

About MGM Resorts International

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.