Arrowstreet Capital Limited Partnership Has $80.44 Million Position in MGM Resorts International $MGM

Arrowstreet Capital Limited Partnership cut its stake in shares of MGM Resorts International (NYSE:MGM) by 69.4% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,173,470 shares of the company’s stock after selling 4,926,021 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.85% of MGM Resorts International worth $80,440,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MGM. CYBER HORNET ETFs LLC purchased a new stake in MGM Resorts International in the 2nd quarter worth approximately $25,000. Global Retirement Partners LLC grew its stake in MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after purchasing an additional 281 shares in the last quarter. International Assets Investment Management LLC acquired a new position in MGM Resorts International in the 1st quarter worth about $30,000. Elyxium Wealth LLC acquired a new stake in shares of MGM Resorts International during the 4th quarter valued at about $42,000. Finally, City Holding Co. acquired a new stake in shares of MGM Resorts International during the 4th quarter valued at about $44,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Up 0.2%

Shares of MGM stock opened at $45.61 on Monday. The stock’s 50 day simple moving average is $45.61 and its 200 day simple moving average is $39.64. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.30 and a current ratio of 1.33. The company has a market capitalization of $11.67 billion, a price-to-earnings ratio of 63.35 and a beta of 1.29.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.37 billion. During the same period in the previous year, the company earned $0.69 EPS. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, research analysts predict that MGM Resorts International will post 1.98 EPS for the current year.

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.38% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Jefferies Financial Group restated a “hold” rating on shares of MGM Resorts International in a report on Thursday, July 2nd. Stifel Nicolaus reiterated a “hold” rating and issued a $49.00 target price (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. Truist Financial raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and boosted their target price for the stock from $42.00 to $55.00 in a research report on Wednesday, May 27th. JPMorgan Chase & Co. increased their price target on shares of MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Finally, Citigroup raised their price target on shares of MGM Resorts International from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $52.31.

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.