Gerber Kawasaki Wealth & Investment Management Trims Holdings in MGM Resorts International $MGM

Gerber Kawasaki Wealth & Investment Management reduced its position in shares of MGM Resorts International (NYSE:MGM) by 26.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 125,524 shares of the company’s stock after selling 45,839 shares during the period. Gerber Kawasaki Wealth & Investment Management’s holdings in MGM Resorts International were worth $4,351,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Helikon Investments Ltd raised its position in shares of MGM Resorts International by 379.9% in the second quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock valued at $302,987,000 after buying an additional 6,974,347 shares during the last quarter. Davis Selected Advisers boosted its position in MGM Resorts International by 14.4% during the second quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock worth $819,208,000 after acquiring an additional 3,006,052 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in MGM Resorts International by 119.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 4,212,114 shares of the company’s stock worth $144,855,000 after acquiring an additional 2,293,797 shares during the period. Norges Bank purchased a new stake in MGM Resorts International in the 2nd quarter worth approximately $60,570,000. Finally, Goldentree Asset Management LP raised its holdings in MGM Resorts International by 20.7% in the 2nd quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock valued at $185,778,000 after acquiring an additional 924,810 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $35.63 on Monday. The firm has a fifty day moving average of $35.37 and a 200-day moving average of $34.95. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $40.16. The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91. The firm has a market capitalization of $9.12 billion, a P/E ratio of 47.51 and a beta of 1.38.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same quarter in the previous year, the business posted $0.45 EPS. As a group, analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

Analyst Ratings Changes

MGM has been the topic of a number of recent analyst reports. Susquehanna reduced their price target on MGM Resorts International from $46.00 to $45.00 and set a “positive” rating on the stock in a research note on Friday, February 6th. Texas Capital upgraded MGM Resorts International to a “strong-buy” rating in a research report on Thursday, January 8th. Citigroup raised their price target on MGM Resorts International from $35.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, February 6th. Barclays set a $37.00 price objective on shares of MGM Resorts International in a research note on Friday, February 6th. Finally, Stifel Nicolaus 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 research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $41.94.

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.