Orvieto Partners L.P. Trims Stock Position in MGM Resorts International $MGM

Orvieto Partners L.P. lessened its stake in MGM Resorts International (NYSE:MGM) by 13.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,000 shares of the company’s stock after selling 15,000 shares during the period. MGM Resorts International accounts for approximately 3.2% of Orvieto Partners L.P.’s portfolio, making the stock its 13th largest position. Orvieto Partners L.P.’s holdings in MGM Resorts International were worth $3,701,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sei Investments Co. increased its position in shares of MGM Resorts International by 20.9% during the first quarter. Sei Investments Co. now owns 33,021 shares of the company’s stock worth $1,222,000 after purchasing an additional 5,712 shares in the last quarter. Lido Advisors LLC purchased a new stake in shares of MGM Resorts International in the 1st quarter valued at about $224,000. Levin Capital Strategies L.P. boosted its position in shares of MGM Resorts International by 6.0% in the 1st quarter. Levin Capital Strategies L.P. now owns 155,592 shares of the company’s stock valued at $5,758,000 after purchasing an additional 8,856 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of MGM Resorts International by 2.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 37,737 shares of the company’s stock valued at $1,397,000 after purchasing an additional 1,005 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in MGM Resorts International by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company’s stock worth $88,050,000 after buying an additional 36,649 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 firms have commented on MGM. Stifel Nicolaus reaffirmed a “hold” rating and set a $49.00 price target (up from $48.00) on shares of MGM Resorts International in a research report on Monday, June 15th. Morgan Stanley restated an “underweight” rating on shares of MGM Resorts International in a research report on Wednesday. Barclays lifted their target price on shares of MGM Resorts International from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. The Goldman Sachs Group reiterated a “sell” rating and issued a $43.00 price target on shares of MGM Resorts International in a research report on Wednesday, July 15th. Finally, UBS Group set a $48.00 price target on shares of MGM Resorts International in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $52.31.

MGM Resorts International Stock Down 1.1%

MGM opened at $44.98 on Friday. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. The business has a 50 day moving average price of $45.44 and a two-hundred day moving average price of $39.57. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. The company has a market cap of $11.51 billion, a PE ratio of 62.47 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 for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The company had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.37 billion. During the same quarter last year, the business posted $0.69 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, research analysts anticipate that MGM Resorts International will post 1.97 EPS for the current year.

Insiders Place Their Bets

In related news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.38% of the stock is currently owned by company insiders.

MGM Resorts International Company 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.