Gabelli Funds LLC Trims Stake in MGM Resorts International (NYSE:MGM)

Gabelli Funds LLC cut its position in shares of MGM Resorts International (NYSE:MGM) by 1.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 277,000 shares of the company’s stock after selling 3,000 shares during the period. Gabelli Funds LLC owned approximately 0.09% of MGM Resorts International worth $9,598,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Dodge & Cox purchased a new position in MGM Resorts International in the 4th quarter worth about $537,000. Bridgewater Associates LP grew its stake in MGM Resorts International by 3.7% in the 4th quarter. Bridgewater Associates LP now owns 419,332 shares of the company’s stock worth $14,530,000 after acquiring an additional 15,119 shares in the last quarter. Guggenheim Capital LLC increased its position in shares of MGM Resorts International by 55.9% during the fourth quarter. Guggenheim Capital LLC now owns 15,256 shares of the company’s stock worth $529,000 after acquiring an additional 5,468 shares during the period. Canada Post Corp Registered Pension Plan bought a new stake in shares of MGM Resorts International during the fourth quarter valued at approximately $91,000. Finally, XTX Topco Ltd purchased a new stake in shares of MGM Resorts International in the fourth quarter valued at approximately $840,000. 68.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MGM shares. BTIG Research lowered shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Monday, February 3rd. Leerink Partners lowered MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Wedbush reiterated an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Barclays restated an “equal weight” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, Jefferies Financial Group cut their target price on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, January 3rd. Six equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $51.00.

MGM Resorts International Stock Performance

Shares of MGM opened at $28.51 on Thursday. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The firm has a market cap of $8.07 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 0.98 and a beta of 1.96. The business’s 50 day moving average is $32.34 and its two-hundred day moving average is $35.07.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. Analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Activity

In other news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was purchased at an average price of $32.17 per share, with a total value of $321,700.00. Following the completion of the transaction, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This trade represents a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.13% of the company’s stock.

About MGM Resorts International

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.