Pallas Capital Advisors LLC Sells 15,463 Shares of MGM Resorts International $MGM

Pallas Capital Advisors LLC decreased its stake in MGM Resorts International (NYSE:MGM) by 54.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,894 shares of the company’s stock after selling 15,463 shares during the period. Pallas Capital Advisors LLC’s holdings in MGM Resorts International were worth $471,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. CYBER HORNET ETFs LLC acquired a new position in shares of MGM Resorts International during the second quarter worth $25,000. Mendota Financial Group LLC acquired a new stake in shares of MGM Resorts International during the 3rd quarter valued at $27,000. Mather Group LLC. acquired a new stake in shares of MGM Resorts International during the 3rd quarter valued at $33,000. Stance Capital LLC bought a new stake in MGM Resorts International during the 3rd quarter worth $46,000. Finally, Advisory Services Network LLC bought a new stake in MGM Resorts International during the 3rd quarter worth $52,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Trading Up 3.7%

NYSE MGM opened at $36.94 on Wednesday. The firm has a market capitalization of $9.45 billion, a PE ratio of 49.26 and a beta of 1.38. The business’s 50-day moving average price is $35.73 and its two-hundred day moving average price is $34.82. The company has a current ratio of 1.23, a quick ratio of 1.20 and a debt-to-equity ratio of 1.91. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $40.16.

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. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.42 billion. During the same period last year, the company earned $0.45 earnings per share. On average, analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

Insider Activity at MGM Resorts International

In other news, major shareholder Iac Inc. acquired 550,000 shares of the firm’s stock in a transaction dated Monday, March 23rd. The stock was bought at an average cost of $37.30 per share, for a total transaction of $20,515,000.00. Following the completion of the transaction, the insider directly owned 66,372,350 shares in the company, valued at $2,475,688,655. This represents a 0.84% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Keith A. Meister sold 37,500 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the sale, the director owned 5,347,978 shares of the company’s stock, valued at approximately $183,275,206.06. This trade represents a 0.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Citigroup increased their target price on MGM Resorts International from $35.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, February 6th. Capital One Financial reduced their price target on MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Morgan Stanley reaffirmed an “underweight” rating and issued a $34.00 price objective on shares of MGM Resorts International in a research note on Wednesday, February 11th. Texas Capital upgraded shares of MGM Resorts International to a “strong-buy” rating in a research report on Thursday, January 8th. Finally, Barclays set a $37.00 target price on shares of MGM Resorts International in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $41.94.

MGM Resorts International Company 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.