MGM Resorts International $MGM Shares Sold by Voya Investment Management LLC

Voya Investment Management LLC lessened its position in shares of MGM Resorts International (NYSE:MGM) by 24.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 43,460 shares of the company’s stock after selling 13,690 shares during the quarter. Voya Investment Management LLC’s holdings in MGM Resorts International were worth $1,506,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MGM. Davis Selected Advisers boosted its holdings in shares of MGM Resorts International by 14.4% in the second quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock valued at $819,208,000 after acquiring an additional 3,006,052 shares during the period. Helikon Investments Ltd boosted its stake in MGM Resorts International by 379.9% during the 2nd quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after purchasing an additional 6,974,347 shares during the period. Goldentree Asset Management LP boosted its stake in MGM Resorts International by 20.7% during the 2nd quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock worth $185,778,000 after purchasing an additional 924,810 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in MGM Resorts International during the 2nd quarter worth $171,632,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in MGM Resorts International by 119.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 4,212,114 shares of the company’s stock valued at $144,855,000 after purchasing an additional 2,293,797 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Activity

In related news, major shareholder Iac Inc. acquired 1,098,748 shares of MGM Resorts International stock in a transaction that occurred on Friday, December 5th. The stock was purchased at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the purchase, the insider directly owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. This trade represents a 1.70% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.06% of the stock is owned by corporate insiders.

MGM Resorts International Stock Down 1.5%

MGM opened at $37.13 on Tuesday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.23 and a quick ratio of 1.19. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $41.32. The stock has a market capitalization of $10.16 billion, a P/E ratio of 232.07, a P/E/G ratio of 2.48 and a beta of 1.48. The business has a 50 day simple moving average of $34.25 and a 200-day simple moving average of $35.22.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). MGM Resorts International had a return on equity of 17.23% and a net margin of 0.40%.The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the company earned $0.54 EPS. The company’s revenue was up 1.6% on a year-over-year basis. On average, equities analysts anticipate 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 recent research reports. Macquarie decreased their target price on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, October 2nd. UBS Group reduced their price objective on MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating for the company in a research note on Monday, November 17th. Truist Financial decreased their price objective on MGM Resorts International from $48.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday, October 30th. Stifel Nicolaus set a $45.00 target price on MGM Resorts International in a report on Thursday, October 30th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on MGM Resorts International from $54.00 to $53.00 in a research note on Monday, September 22nd. Twelve research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $45.31.

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.