Allspring Global Investments Holdings LLC Decreases Stock Holdings in MGM Resorts International $MGM

Allspring Global Investments Holdings LLC reduced its position in shares of MGM Resorts International (NYSE:MGM) by 10.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,340 shares of the company’s stock after selling 1,108 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MGM Resorts International were worth $345,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Davis Selected Advisers lifted its position in shares of MGM Resorts International by 4.5% during the 1st quarter. Davis Selected Advisers now owns 20,815,057 shares of the company’s stock worth $616,958,000 after purchasing an additional 894,344 shares during the last quarter. Invesco Ltd. raised its stake in MGM Resorts International by 7.7% during the 1st quarter. Invesco Ltd. now owns 6,233,213 shares of the company’s stock worth $184,752,000 after acquiring an additional 447,870 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in MGM Resorts International during the 2nd quarter worth $171,632,000. AQR Capital Management LLC raised its stake in MGM Resorts International by 104.2% during the 1st quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company’s stock worth $75,962,000 after acquiring an additional 1,332,313 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in MGM Resorts International by 0.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,985,513 shares of the company’s stock worth $58,851,000 after acquiring an additional 5,407 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Mizuho lifted their price target on shares of MGM Resorts International from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, October 13th. Stifel Nicolaus cut their price target on shares of MGM Resorts International from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday. Truist Financial dropped their price objective on shares of MGM Resorts International from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, October 21st. Macquarie dropped their price objective on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, October 2nd. Finally, UBS Group dropped their price objective on shares of MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.50.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 242,000 shares of the business’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the transaction, the director directly owned 5,385,478 shares in the company, valued at $190,753,630.76. The trade was a 4.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Mcmanus sold 60,000 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the sale, the insider directly owned 31,521 shares in the company, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.06% of the company’s stock.

MGM Resorts International Trading Down 0.7%

Shares of MGM Resorts International stock opened at $32.83 on Friday. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The company’s 50-day simple moving average is $35.20 and its 200-day simple moving average is $34.29. The firm has a market cap of $8.93 billion, a price-to-earnings ratio of 18.04, a price-to-earnings-growth ratio of 1.48 and a beta of 1.67.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same period in the previous year, the business posted $0.86 earnings per share. The business’s revenue was up 1.8% compared to the same quarter last year. As a group, equities research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International Company Profile

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.