MGM Resorts International $MGM Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC cut its stake in MGM Resorts International (NYSE:MGM) by 15.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 72,632 shares of the company’s stock after selling 13,640 shares during the period. Exchange Traded Concepts LLC’s holdings in MGM Resorts International were worth $2,650,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of MGM. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International during the second quarter worth about $25,000. Mendota Financial Group LLC acquired a new stake in shares of MGM Resorts International in the 3rd quarter valued at about $27,000. Mather Group LLC. purchased a new position in MGM Resorts International during the 3rd quarter worth approximately $33,000. Stance Capital LLC purchased a new position in MGM Resorts International during the 3rd quarter worth approximately $46,000. Finally, Advisory Services Network LLC acquired a new position in MGM Resorts International during the third quarter worth approximately $52,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Trading Up 3.7%

Shares of MGM stock opened at $36.94 on Wednesday. The company has a market capitalization of $9.45 billion, a P/E ratio of 49.26 and a beta of 1.38. The company has a current ratio of 1.23, a quick ratio of 1.20 and a debt-to-equity ratio of 1.91. The business’s 50 day moving average is $35.73 and its two-hundred day moving average is $34.82. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $40.16.

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

Wall Street Analysts Forecast Growth

MGM has been the subject of a number of research reports. Susquehanna reduced their price objective on MGM Resorts International from $46.00 to $45.00 and set a “positive” rating for the company in a research note on Friday, February 6th. Capital One Financial cut their target price on shares of MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Zacks Research upgraded shares of MGM Resorts International from a “strong sell” rating to a “hold” rating in a research report on Monday, December 22nd. Berenberg Bank reiterated a “buy” rating on shares of MGM Resorts International in a research note on Wednesday, February 11th. Finally, Morgan Stanley reissued an “underweight” rating and set a $34.00 price objective on shares of MGM Resorts International in a research report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, MGM Resorts International has a consensus rating of “Hold” and an average target price of $41.94.

Insider Buying and Selling at MGM Resorts International

In other news, major shareholder Iac Inc. bought 550,000 shares of MGM Resorts International stock in a transaction dated Monday, March 23rd. The stock was bought at an average price of $37.30 per share, for a total transaction of $20,515,000.00. Following the purchase, the insider owned 66,372,350 shares of the company’s stock, valued at approximately $2,475,688,655. The trade was a 0.84% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Keith A. Meister sold 37,500 shares of MGM Resorts International stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the completion of the sale, the director directly owned 5,347,978 shares in the company, valued at approximately $183,275,206.06. The trade was a 0.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 3.06% of the company’s stock.

MGM Resorts International Profile

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.