Chevy Chase Trust Holdings LLC Decreases Stake in MGM Resorts International $MGM

Chevy Chase Trust Holdings LLC lowered its stake in MGM Resorts International (NYSE:MGM) by 5.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 129,249 shares of the company’s stock after selling 8,084 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in MGM Resorts International were worth $4,445,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Davis Selected Advisers raised its holdings in shares of MGM Resorts International by 4.5% in the first quarter. Davis Selected Advisers now owns 20,815,057 shares of the company’s stock worth $616,958,000 after buying an additional 894,344 shares during the last quarter. Invesco Ltd. raised its holdings in shares of MGM Resorts International by 7.7% during the first quarter. Invesco Ltd. now owns 6,233,213 shares of the company’s stock worth $184,752,000 after purchasing an additional 447,870 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in shares of MGM Resorts International during the second quarter worth $171,632,000. AQR Capital Management LLC raised its holdings in shares of MGM Resorts International by 104.2% during the first quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company’s stock worth $75,962,000 after purchasing an additional 1,332,313 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of MGM Resorts International by 0.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,985,513 shares of the company’s stock worth $58,851,000 after purchasing an additional 5,407 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Truist Financial raised their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, July 16th. Citigroup raised shares of MGM Resorts International from a “hold” rating to a “strong-buy” rating and raised their target price for the stock from $55.00 to $57.00 in a report on Wednesday, July 9th. Macquarie reduced their target price on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, October 2nd. Barclays raised their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday, July 18th. Finally, Morgan Stanley raised their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a report on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.78.

Insider Activity

In other news, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the sale, the insider owned 31,521 shares in the company, valued at $1,138,538.52. This trade represents a 65.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction dated 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 completion of the sale, the director owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is owned by company insiders.

MGM Resorts International Stock Up 0.9%

MGM stock opened at $31.86 on Tuesday. The firm has a market cap of $8.67 billion, a PE ratio of 17.51, a P/E/G ratio of 1.30 and a beta of 1.67. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. The firm’s fifty day moving average is $35.45 and its 200 day moving average is $34.16. MGM Resorts International has a one year low of $25.30 and a one year high of $42.53.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same quarter last year, the business earned $0.86 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, research analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

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.