Aquatic Capital Management LLC Cuts Stock Position in MGM Resorts International $MGM

Aquatic Capital Management LLC lessened its stake in shares of MGM Resorts International (NYSE:MGM) by 54.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 214,118 shares of the company’s stock after selling 255,528 shares during the period. Aquatic Capital Management LLC owned approximately 0.08% of MGM Resorts International worth $7,421,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in shares of MGM Resorts International by 202.5% in the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after acquiring an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of MGM Resorts International by 81.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after purchasing an additional 3,429,946 shares during the last quarter. Norges Bank bought a new position in MGM Resorts International in the 2nd quarter worth about $60,570,000. Goldentree Asset Management LP boosted its stake in MGM Resorts International by 20.7% in the 2nd quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock worth $185,778,000 after purchasing an additional 924,810 shares in the last quarter. Finally, Twin Tree Management LP grew its position in MGM Resorts International by 101.1% during the 3rd quarter. Twin Tree Management LP now owns 5,066 shares of the company’s stock valued at $176,000 after purchasing an additional 474,012 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

MGM has been the subject of a number of analyst reports. UBS Group reduced their price objective on shares of MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating for the company in a research note on Monday, November 17th. Citigroup increased their price target on shares of MGM Resorts International from $35.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, February 6th. Weiss Ratings reissued a “sell (d)” rating on shares of MGM Resorts International in a research report on Monday, December 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Finally, Truist Financial increased their target price on MGM Resorts International from $38.00 to $39.00 and gave the company a “hold” rating in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $41.94.

MGM Resorts International Stock Performance

Shares of NYSE MGM opened at $36.69 on Monday. The firm’s 50-day moving average price is $35.30 and its 200-day moving average price is $34.87. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $40.16. The company has a market cap of $9.39 billion, a PE ratio of 48.93 and a beta of 1.38. The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.42 billion. During the same period in the previous year, the company earned $0.45 earnings per share. As a group, analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 37,500 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the transaction, the director directly owned 5,347,978 shares of the company’s stock, valued at $183,275,206.06. This represents a 0.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.06% of the company’s stock.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.