MGM Resorts International $MGM Shares Sold by First Trust Advisors LP

First Trust Advisors LP trimmed its position in shares of MGM Resorts International (NYSE:MGM) by 56.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 54,386 shares of the company’s stock after selling 71,407 shares during the quarter. First Trust Advisors LP’s holdings in MGM Resorts International were worth $2,013,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MGM. Hsbc Holdings PLC grew its stake in MGM Resorts International by 31.0% in the 1st quarter. Hsbc Holdings PLC now owns 254,801 shares of the company’s stock valued at $9,415,000 after acquiring an additional 60,340 shares during the last quarter. Bastion Asset Management Inc. acquired a new stake in shares of MGM Resorts International in the first quarter valued at approximately $6,212,000. M&T Bank Corp increased its position in MGM Resorts International by 1,118.7% during the fourth quarter. M&T Bank Corp now owns 97,630 shares of the company’s stock worth $3,563,000 after buying an additional 89,619 shares in the last quarter. Todd Asset Management LLC grew its position in shares of MGM Resorts International by 9.2% in the fourth quarter. Todd Asset Management LLC now owns 709,520 shares of the company’s stock valued at $25,890,000 after purchasing an additional 59,691 shares during the period. Finally, Davis Selected Advisers raised its position in shares of MGM Resorts International by 12.0% in the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after buying an additional 2,866,750 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MGM. Capital One Financial raised their target price on shares of MGM Resorts International from $46.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Weiss Ratings raised shares of MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft upped their target price on shares of MGM Resorts International from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. The Goldman Sachs Group reaffirmed a “sell” rating and set a $43.00 price target on shares of MGM Resorts International in a research note on Wednesday, July 15th. Finally, JPMorgan Chase & Co. lifted their price target on MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.49.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $44.45 on Friday. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The firm has a 50-day simple moving average of $46.84 and a 200 day simple moving average of $40.33. The company has a market cap of $11.18 billion, a PE ratio of 26.94 and a beta of 1.31.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The firm had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. MGM Resorts International’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $0.79 earnings per share. On average, sell-side analysts anticipate that MGM Resorts International will post 2.05 EPS for the current year.

Insider Activity

In related news, Director Daniel J. Taylor sold 6,675 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.38% 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.