Davis Selected Advisers Takes Position in MGM Resorts International (NYSE:MGM)

Davis Selected Advisers purchased a new position in MGM Resorts International (NYSE:MGMFree Report) during the third quarter, HoldingsChannel reports. The fund purchased 9,845,345 shares of the company’s stock, valued at approximately $361,915,000. MGM Resorts International comprises 2.3% of Davis Selected Advisers’ portfolio, making the stock its 17th biggest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. Headlands Technologies LLC acquired a new stake in MGM Resorts International during the 3rd quarter valued at $93,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in MGM Resorts International by 7.2% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 56,442 shares of the company’s stock valued at $2,075,000 after buying an additional 3,780 shares during the last quarter. Campbell & CO Investment Adviser LLC grew its holdings in MGM Resorts International by 301.3% during the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 30,604 shares of the company’s stock valued at $1,125,000 after buying an additional 22,977 shares during the last quarter. Huntington National Bank grew its holdings in MGM Resorts International by 46.7% during the 3rd quarter. Huntington National Bank now owns 1,999 shares of the company’s stock valued at $73,000 after buying an additional 636 shares during the last quarter. Finally, HighTower Advisors LLC grew its holdings in MGM Resorts International by 29.2% during the 3rd quarter. HighTower Advisors LLC now owns 287,894 shares of the company’s stock valued at $10,566,000 after buying an additional 65,027 shares during the last quarter. Institutional investors and hedge funds own 66.46% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the topic of a number of recent analyst reports. Wells Fargo & Company reduced their price target on MGM Resorts International from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, November 9th. Morgan Stanley reduced their price target on MGM Resorts International from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday, November 13th. Stifel Nicolaus reduced their price target on MGM Resorts International from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Thursday, November 9th. HSBC initiated coverage on MGM Resorts International in a research note on Monday, October 23rd. They set a “buy” rating and a $49.00 price target on the stock. Finally, Truist Financial reissued a “buy” rating and set a $55.00 price target on shares of MGM Resorts International in a research note on Tuesday, December 5th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.12.

Get Our Latest Stock Analysis on MGM Resorts International

Insider Activity

In other news, COO Corey Ian Sanders sold 30,000 shares of the firm’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $44.82, for a total transaction of $1,344,600.00. Following the completion of the sale, the chief operating officer now directly owns 227,674 shares in the company, valued at $10,204,348.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider John Mcmanus sold 10,000 shares of the firm’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $45.00, for a total transaction of $450,000.00. Following the completion of the sale, the insider now directly owns 63,695 shares in the company, valued at $2,866,275. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Corey Ian Sanders sold 30,000 shares of MGM Resorts International stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $44.82, for a total value of $1,344,600.00. Following the completion of the transaction, the chief operating officer now owns 227,674 shares of the company’s stock, valued at $10,204,348.68. The disclosure for this sale can be found here. Insiders sold 50,000 shares of company stock worth $2,229,100 over the last ninety days. Corporate insiders own 2.39% of the company’s stock.

MGM Resorts International Stock Performance

NYSE:MGM opened at $46.74 on Monday. The business’s 50-day moving average is $43.64 and its two-hundred day moving average is $41.55. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.78 and a quick ratio of 1.73. The firm has a market capitalization of $15.97 billion, a PE ratio of 15.90 and a beta of 2.19. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $51.35.

MGM Resorts International declared that its board has approved a share buyback program on Wednesday, November 8th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to repurchase up to 14.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

MGM Resorts International Profile

(Free Report)

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.

Further Reading

Want to see what other hedge funds are holding MGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGM Resorts International (NYSE:MGMFree Report).

Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.