MGM Resorts International (MGM) Position Cut by Gabelli Funds LLC
Gabelli Funds LLC reduced its holdings in shares of MGM Resorts International (NYSE:MGM) by 8.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 869,995 shares of the company’s stock after selling 78,686 shares during the period. Gabelli Funds LLC’s holdings in MGM Resorts International were worth $29,049,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in MGM. Spirit of America Management Corp NY acquired a new position in shares of MGM Resorts International in the third quarter valued at about $104,000. Sun Life Financial INC acquired a new position in shares of MGM Resorts International in the third quarter valued at about $124,000. Cerebellum GP LLC acquired a new position in shares of MGM Resorts International in the fourth quarter valued at about $126,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of MGM Resorts International by 88.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,945 shares of the company’s stock valued at $165,000 after purchasing an additional 2,318 shares during the period. Finally, Toronto Dominion Bank increased its holdings in shares of MGM Resorts International by 12.4% in the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after purchasing an additional 624 shares during the period. 82.15% of the stock is currently owned by institutional investors.
In other news, EVP John Mcmanus sold 10,000 shares of the company’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $33.35, for a total value of $333,500.00. Following the sale, the executive vice president now owns 54,337 shares in the company, valued at $1,812,138.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sean Charland bought 25,000 shares of the stock in a transaction dated Wednesday, December 6th. The stock was bought at an average price of $22.50 per share, for a total transaction of $562,500.00. Insiders sold 96,877 shares of company stock worth $3,187,002 in the last 90 days. Company insiders own 12.20% of the company’s stock.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, November 8th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. MGM Resorts International had a return on equity of 6.47% and a net margin of 5.44%. research analysts expect that MGM Resorts International will post 1.09 EPS for the current fiscal year.
MGM has been the topic of a number of research reports. Morgan Stanley set a $34.00 price objective on MGM Resorts International and gave the company a “buy” rating in a report on Friday, October 13th. Nomura cut their price objective on MGM Resorts International from $38.00 to $37.00 and set a “buy” rating on the stock in a report on Wednesday, November 1st. Roth Capital initiated coverage on MGM Resorts International in a report on Wednesday, October 25th. They issued a “buy” rating and a $38.00 price objective on the stock. Zacks Investment Research lowered MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Finally, Jefferies Group initiated coverage on MGM Resorts International in a report on Thursday, January 18th. They issued a “buy” rating and a $43.00 price objective on the stock. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $37.38.
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MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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