MGM Resorts International (NYSE:MGM) Position Reduced by Shikiar Asset Management Inc.

Shikiar Asset Management Inc. lowered its position in shares of MGM Resorts International (NYSE:MGM) by 0.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 214,555 shares of the company’s stock after selling 815 shares during the period. MGM Resorts International makes up about 3.0% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 10th largest position. Shikiar Asset Management Inc. owned approximately 0.06% of MGM Resorts International worth $9,586,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MGM. Signaturefd LLC boosted its holdings in shares of MGM Resorts International by 3.1% during the fourth quarter. Signaturefd LLC now owns 14,049 shares of the company’s stock valued at $628,000 after acquiring an additional 425 shares during the period. Lindbrook Capital LLC raised its stake in shares of MGM Resorts International by 12.9% during the fourth quarter. Lindbrook Capital LLC now owns 3,282 shares of the company’s stock valued at $147,000 after purchasing an additional 375 shares in the last quarter. abrdn plc raised its stake in shares of MGM Resorts International by 45.4% during the fourth quarter. abrdn plc now owns 126,372 shares of the company’s stock valued at $5,646,000 after purchasing an additional 39,438 shares in the last quarter. Greenleaf Trust raised its stake in shares of MGM Resorts International by 7.3% during the fourth quarter. Greenleaf Trust now owns 11,627 shares of the company’s stock valued at $519,000 after purchasing an additional 794 shares in the last quarter. Finally, RIA Advisory Group LLC bought a new stake in shares of MGM Resorts International during the fourth quarter valued at about $83,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. StockNews.com cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Barclays dropped their price target on shares of MGM Resorts International from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. TheStreet upgraded shares of MGM Resorts International from a “c+” rating to a “b-” rating in a research report on Tuesday, February 13th. JPMorgan Chase & Co. boosted their price target on shares of MGM Resorts International from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 14th. Finally, Mizuho assumed coverage on shares of MGM Resorts International in a research report on Tuesday, March 26th. They issued a “buy” rating and a $61.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $55.34.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 325,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total value of $13,942,500.00. Following the completion of the sale, the director now owns 6,098,778 shares of the company’s stock, valued at approximately $261,637,576.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Up 0.9 %

NYSE:MGM traded up $0.38 on Friday, hitting $42.42. 2,659,811 shares of the company’s stock traded hands, compared to its average volume of 2,788,089. The company has a current ratio of 1.57, a quick ratio of 1.53 and a debt-to-equity ratio of 1.46. MGM Resorts International has a 1 year low of $34.12 and a 1 year high of $51.35. The firm has a 50-day moving average price of $43.91 and a 200-day moving average price of $41.94. The company has a market cap of $13.45 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 1.75 and a beta of 2.19.

MGM Resorts International (NYSE:MGM) last released its earnings results on Tuesday, February 13th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.39. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. The company had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.14 billion. During the same quarter in the previous year, the business posted $0.69 EPS. The business’s revenue for the quarter was up 21.8% on a year-over-year basis. Equities analysts anticipate that MGM Resorts International will post 2.46 EPS for the current fiscal year.

About MGM Resorts International

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.