MGM Resorts International (NYSE:MGM) Shares Sold by LPL Financial LLC

LPL Financial LLC cut its position in MGM Resorts International (NYSE:MGM) by 9.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 421,900 shares of the company’s stock after selling 45,964 shares during the period. LPL Financial LLC owned approximately 0.14% of MGM Resorts International worth $14,619,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of MGM. Charles Schwab Investment Management Inc. raised its position in MGM Resorts International by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock worth $79,110,000 after buying an additional 38,749 shares during the last quarter. ACR Alpine Capital Research LLC increased its stake in shares of MGM Resorts International by 23.3% in the fourth quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company’s stock worth $5,613,000 after acquiring an additional 30,605 shares during the period. Davis Selected Advisers raised its holdings in shares of MGM Resorts International by 4.6% during the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock worth $690,253,000 after purchasing an additional 882,417 shares during the last quarter. Miracle Mile Advisors LLC acquired a new position in MGM Resorts International during the fourth quarter valued at $2,010,000. Finally, Assenagon Asset Management S.A. boosted its holdings in MGM Resorts International by 80.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock valued at $12,411,000 after purchasing an additional 159,522 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

Shares of MGM opened at $29.93 on Wednesday. The firm has a 50-day simple moving average of $33.77 and a two-hundred day simple moving average of $35.85. The stock has a market cap of $8.55 billion, a PE ratio of 12.47, a P/E/G ratio of 0.98 and a beta of 2.18. MGM Resorts International has a 1-year low of $28.63 and a 1-year high of $47.45. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. As a group, analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, CFO Jonathan S. Halkyard bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $32.17 per share, with a total value of $321,700.00. Following the purchase, the chief financial officer now directly owns 75,648 shares in the company, valued at approximately $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at $692,509.84. This represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on MGM shares. Capital One Financial upped their target price on MGM Resorts International from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Stifel Nicolaus upped their price target on MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Argus raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Friday, February 14th. Truist Financial reduced their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Canaccord Genuity Group reissued a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average price target of $51.29.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.