MGM Resorts International $MGM Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. cut its position in MGM Resorts International (NYSE:MGM) by 41.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 44,044 shares of the company’s stock after selling 31,302 shares during the quarter. QRG Capital Management Inc.’s holdings in MGM Resorts International were worth $1,527,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Corient Private Wealth LLC raised its position in MGM Resorts International by 356.6% during the 2nd quarter. Corient Private Wealth LLC now owns 528,526 shares of the company’s stock worth $18,176,000 after buying an additional 412,767 shares during the last quarter. American Assets Inc. raised its holdings in MGM Resorts International by 66.7% during the second quarter. American Assets Inc. now owns 30,000 shares of the company’s stock worth $950,000 after purchasing an additional 12,000 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in MGM Resorts International in the second quarter valued at about $6,351,000. Goldentree Asset Management LP lifted its position in MGM Resorts International by 20.7% in the second quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock valued at $185,778,000 after purchasing an additional 924,810 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in MGM Resorts International by 279.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 352,298 shares of the company’s stock worth $12,211,000 after purchasing an additional 259,400 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In related news, major shareholder Iac Inc. acquired 1,098,748 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was purchased at an average cost of $36.30 per share, for a total transaction of $39,884,552.40. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.06% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently commented on MGM. Zacks Research raised MGM Resorts International from a “strong sell” rating to a “hold” rating in a report on Monday, December 22nd. Barclays set a $38.00 target price on MGM Resorts International and gave the company an “equal weight” rating in a report on Wednesday, December 17th. Capital One Financial decreased their target price on shares of MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, December 5th. Wells Fargo & Company increased their price target on shares of MGM Resorts International from $29.00 to $31.00 and gave the company an “underweight” rating in a report on Friday, January 16th. Finally, JPMorgan Chase & Co. raised their price objective on shares of MGM Resorts International from $38.00 to $39.00 and gave the company a “neutral” rating in a research note on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $44.68.

MGM Resorts International Trading Down 3.9%

Shares of MGM stock opened at $33.61 on Wednesday. The stock has a market cap of $9.19 billion, a P/E ratio of 210.09, a P/E/G ratio of 2.74 and a beta of 1.46. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $41.32. The business has a fifty day simple moving average of $35.20 and a 200-day simple moving average of $35.29.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. MGM Resorts International’s revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 earnings per share. On average, analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

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.