MGM Resorts International $MGM Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. reduced its position in MGM Resorts International (NYSE:MGM) by 24.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,857 shares of the company’s stock after selling 13,249 shares during the period. Oppenheimer & Co. Inc.’s holdings in MGM Resorts International were worth $1,454,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in MGM Resorts International by 74.1% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 12,726 shares of the company’s stock valued at $464,000 after purchasing an additional 5,417 shares during the last quarter. M&T Bank Corp increased its holdings in MGM Resorts International by 55.9% during the 4th quarter. M&T Bank Corp now owns 12,491 shares of the company’s stock worth $456,000 after purchasing an additional 4,480 shares during the last quarter. Pictet Asset Management Holding SA raised its position in shares of MGM Resorts International by 4.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 35,579 shares of the company’s stock valued at $1,298,000 after purchasing an additional 1,537 shares in the last quarter. Sanctuary Advisors LLC raised its position in shares of MGM Resorts International by 2.1% in the 4th quarter. Sanctuary Advisors LLC now owns 76,340 shares of the company’s stock valued at $2,786,000 after purchasing an additional 1,536 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in shares of MGM Resorts International by 9.0% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 724,014 shares of the company’s stock valued at $26,419,000 after buying an additional 59,770 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on MGM. The Goldman Sachs Group raised their price target on shares of MGM Resorts International from $34.00 to $38.00 and gave the stock a “sell” rating in a research report on Thursday, April 30th. Truist Financial increased their price objective on shares of MGM Resorts International from $39.00 to $42.00 and gave the company a “hold” rating in a research note on Thursday, April 30th. Wells Fargo & Company raised their price objective on shares of MGM Resorts International from $30.00 to $33.00 and gave the stock an “underweight” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. dropped their target price on shares of MGM Resorts International from $42.00 to $41.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Finally, Weiss Ratings lowered shares of MGM Resorts International from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of “Hold” and a consensus target price of $47.12.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $37.94 on Wednesday. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. MGM Resorts International has a 12 month low of $29.18 and a 12 month high of $40.94. The company has a fifty day moving average price of $37.17 and a two-hundred day moving average price of $35.47. The company has a market cap of $9.71 billion, a PE ratio of 52.69 and a beta of 1.28.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.37 billion. During the same period last year, the company posted $0.69 earnings per share. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. Research analysts expect that MGM Resorts International will post 2.02 earnings per share for the current year.

Insider Activity

In other MGM Resorts International news, major shareholder Iac Inc. bought 450,000 shares of the business’s stock in a transaction on Tuesday, March 24th. The shares were purchased at an average price of $37.13 per share, with a total value of $16,708,500.00. Following the completion of the acquisition, the insider directly owned 66,822,350 shares of the company’s stock, valued at approximately $2,481,113,855.50. The trade was a 0.68% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Keith A. Meister sold 37,500 shares of MGM Resorts International stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $34.27, for a total value of $1,285,125.00. Following the completion of the transaction, the director owned 5,347,978 shares of the company’s stock, valued at approximately $183,275,206.06. The trade was a 0.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.38% of the stock is owned by corporate 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.