Blueshift Asset Management LLC Takes Position in MGM Resorts International $MGM

Blueshift Asset Management LLC bought a new position in MGM Resorts International (NYSE:MGM) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 52,142 shares of the company’s stock, valued at approximately $1,793,000. MGM Resorts International comprises 0.6% of Blueshift Asset Management LLC’s holdings, making the stock its 29th biggest holding.

Several other institutional investors also recently bought and sold shares of MGM. Arrowstreet Capital Limited Partnership boosted its position in MGM Resorts International by 119.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 4,212,114 shares of the company’s stock worth $144,855,000 after purchasing an additional 2,293,797 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of MGM Resorts International in the 2nd quarter valued at $8,342,000. Claret Asset Management Corp acquired a new position in shares of MGM Resorts International in the 2nd quarter valued at $234,000. Advent Capital Management DE purchased a new stake in MGM Resorts International during the second quarter worth $3,267,000. Finally, Norges Bank acquired a new stake in MGM Resorts International during the second quarter valued at $60,570,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Truist Financial decreased their price objective on shares of MGM Resorts International from $48.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday, October 30th. Zacks Research cut MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. JPMorgan Chase & Co. lowered their price target on MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating on the stock in a research report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft cut their price objective on MGM Resorts International from $54.00 to $53.00 in a research report on Monday, September 22nd. Finally, Mizuho set a $62.00 target price on MGM Resorts International in a research report on Thursday, October 30th. Thirteen research analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $45.97.

Insider Transactions at MGM Resorts International

In related news, insider John Mcmanus sold 60,000 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the sale, the insider owned 31,521 shares of the company’s stock, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Keith A. Meister sold 242,000 shares of the 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 completion of the sale, the director owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. The trade was a 4.30% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.06% of the stock is owned by corporate insiders.

MGM Resorts International Stock Performance

NYSE MGM opened at $35.43 on Tuesday. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. The stock’s 50 day simple moving average is $32.94 and its 200-day simple moving average is $34.59. The company has a market cap of $9.69 billion, a PE ratio of 221.46, a price-to-earnings-growth ratio of 1.40 and a beta of 1.66. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $41.32.

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