Fisher Asset Management LLC Sells 167,956 Shares of MGM Resorts International $MGM

Fisher Asset Management LLC trimmed its holdings in MGM Resorts International (NYSE:MGM) by 58.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,189 shares of the company’s stock after selling 167,956 shares during the period. Fisher Asset Management LLC’s holdings in MGM Resorts International were worth $4,099,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in MGM. Bayforest Capital Ltd purchased a new position in shares of MGM Resorts International in the first quarter valued at $43,000. MassMutual Private Wealth & Trust FSB boosted its stake in MGM Resorts International by 66.9% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after purchasing an additional 529 shares during the period. Employees Retirement System of Texas bought a new position in MGM Resorts International in the 2nd quarter worth about $45,000. Quarry LP grew its holdings in MGM Resorts International by 24.1% during the 1st quarter. Quarry LP now owns 1,795 shares of the company’s stock valued at $53,000 after buying an additional 349 shares in the last quarter. Finally, Assetmark Inc. increased its position in shares of MGM Resorts International by 120.3% during the second quarter. Assetmark Inc. now owns 1,813 shares of the company’s stock valued at $62,000 after buying an additional 990 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Down 0.5%

Shares of NYSE:MGM opened at $35.38 on Friday. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $41.32. The firm has a fifty day moving average of $32.99 and a 200 day moving average of $34.61. The firm has a market capitalization of $9.68 billion, a PE ratio of 221.09, a price-to-earnings-growth ratio of 2.63 and a beta of 1.48. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.19 and a current ratio of 1.23.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The firm had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the business earned $0.54 EPS. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. As a group, research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MGM. Wells Fargo & Company initiated coverage on shares of MGM Resorts International in a research note on Tuesday, November 18th. They set an “underweight” rating and a $29.00 price objective for the company. JPMorgan Chase & Co. reduced their price target on shares of MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating for the company in a research report on Thursday, October 30th. Zacks Research cut shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Citigroup dropped their price objective on MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a research note on Thursday, October 30th. Finally, Macquarie reduced their target price on MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, October 2nd. Thirteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $45.97.

Insider Buying and Selling

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was 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 of the company’s stock, valued at $1,138,538.52. This represents a 65.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 $190,753,630.76. The trade was a 4.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 3.06% of the company’s stock.

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.