MGM Resorts International $MGM Holdings Reduced by First Trust Advisors LP

First Trust Advisors LP lowered its position in MGM Resorts International (NYSE:MGM) by 56.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,386 shares of the company’s stock after selling 71,407 shares during the quarter. First Trust Advisors LP’s holdings in MGM Resorts International were worth $2,013,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Whittier Trust Co. boosted its position in shares of MGM Resorts International by 2.5% during the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock worth $405,000 after buying an additional 262 shares during the period. Global Retirement Partners LLC increased its position in MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after acquiring an additional 281 shares during the period. Asset Management One Co. Ltd. increased its position in MGM Resorts International by 4.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company’s stock valued at $286,000 after acquiring an additional 313 shares during the period. Brown Brothers Harriman & Co. raised its stake in MGM Resorts International by 23.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock valued at $69,000 after acquiring an additional 355 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in MGM Resorts International by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock valued at $2,218,000 after acquiring an additional 397 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Jefferies Financial Group reiterated a “hold” rating on shares of MGM Resorts International in a research report on Thursday, July 2nd. Truist Financial upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and lifted their price objective for the company from $42.00 to $55.00 in a research note on Wednesday, May 27th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $43.00 price objective on shares of MGM Resorts International in a report on Wednesday, July 15th. Barclays increased their target price on shares of MGM Resorts International from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Finally, Mizuho lowered their target price on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating on the stock in a research note on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average target price of $52.49.

Insider Activity

In other news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. 3.38% of the stock is owned by corporate insiders.

MGM Resorts International Stock Down 0.6%

MGM opened at $44.45 on Friday. MGM Resorts International has a one year low of $29.18 and a one year high of $51.59. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34. The stock’s fifty day moving average is $46.84 and its 200-day moving average is $40.33. The company has a market capitalization of $11.18 billion, a PE ratio of 26.94 and a beta of 1.31.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.56 by $0.03. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The firm had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.42 billion. During the same period in the previous year, the business earned $0.79 earnings per share. MGM Resorts International’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities analysts predict that MGM Resorts International will post 2.05 EPS for the current fiscal year.

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.