American Assets Capital Advisers LLC Reduces Stock Position in MGM Resorts International $MGM

American Assets Capital Advisers LLC cut its holdings in MGM Resorts International (NYSE:MGM) by 62.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 58,892 shares of the company’s stock after selling 96,175 shares during the period. MGM Resorts International comprises 2.0% of American Assets Capital Advisers LLC’s holdings, making the stock its 17th largest holding. American Assets Capital Advisers LLC’s holdings in MGM Resorts International were worth $2,025,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Teacher Retirement System of Texas bought a new stake in MGM Resorts International during the first quarter worth approximately $969,000. Ballentine Partners LLC increased its position in shares of MGM Resorts International by 32.3% during the 1st quarter. Ballentine Partners LLC now owns 8,667 shares of the company’s stock valued at $257,000 after purchasing an additional 2,114 shares during the last quarter. New York State Common Retirement Fund raised its holdings in MGM Resorts International by 4.4% during the 1st quarter. New York State Common Retirement Fund now owns 165,061 shares of the company’s stock valued at $4,892,000 after buying an additional 6,900 shares during the period. CWM LLC lifted its position in MGM Resorts International by 48.0% in the first quarter. CWM LLC now owns 56,131 shares of the company’s stock worth $1,664,000 after buying an additional 18,209 shares during the last quarter. Finally, Edgestream Partners L.P. bought a new stake in MGM Resorts International in the first quarter worth $344,000. Institutional investors own 68.11% of the company’s stock.

Insider Transactions at MGM Resorts International

In other news, insider John Mcmanus sold 60,000 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the sale, the insider owned 31,521 shares in the company, valued at approximately $1,138,538.52. The trade was a 65.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Keith A. Meister sold 242,000 shares of the stock in a transaction that occurred on 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 owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.06% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MGM shares. Susquehanna increased their target price on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a “positive” rating in a research note on Tuesday, July 29th. Macquarie dropped their price target on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, October 2nd. The Goldman Sachs Group reissued a “sell” rating and issued a $31.00 price objective on shares of MGM Resorts International in a research report on Thursday, October 30th. JPMorgan Chase & Co. decreased their price objective on shares of MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating for the company in a research note on Thursday, October 30th. Finally, Citigroup dropped their target price on MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a research report on Thursday, October 30th. Fourteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $47.58.

MGM Resorts International Trading Up 2.9%

MGM opened at $32.63 on Friday. 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 stock’s fifty day moving average is $34.00 and its two-hundred day moving average is $34.48. The company has a market capitalization of $8.92 billion, a P/E ratio of 203.93, a PEG ratio of 1.40 and a beta of 1.66. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $41.32.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.13). MGM Resorts International had a return on equity of 16.95% and a net margin of 0.40%.The firm had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the company posted $0.54 earnings per share. MGM Resorts International’s quarterly revenue was up 1.6% compared to the same quarter last year. Analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

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.