MGM Resorts International (NYSE:MGM) Shares Purchased by Goldentree Asset Management LP

Goldentree Asset Management LP boosted its holdings in shares of MGM Resorts International (NYSE:MGM) by 86.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,000,000 shares of the company’s stock after buying an additional 1,390,599 shares during the quarter. MGM Resorts International accounts for 9.4% of Goldentree Asset Management LP’s investment portfolio, making the stock its 2nd largest position. Goldentree Asset Management LP owned approximately 1.01% of MGM Resorts International worth $117,270,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MGM. International Assets Investment Management LLC purchased a new stake in shares of MGM Resorts International during the second quarter worth approximately $28,000. MidAtlantic Capital Management Inc. acquired a new position in MGM Resorts International during the 3rd quarter worth approximately $28,000. EverSource Wealth Advisors LLC increased its position in shares of MGM Resorts International by 60.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after purchasing an additional 329 shares during the last quarter. Eastern Bank acquired a new stake in shares of MGM Resorts International in the 3rd quarter valued at $35,000. Finally, UMB Bank n.a. lifted its position in shares of MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after purchasing an additional 237 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Activity

In related news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares in the company, valued at $210,716,912.16. This trade represents a 2.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on MGM. Macquarie dropped their target price on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Wells Fargo & Company cut their target price on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. UBS Group raised MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Mizuho reduced their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus price target of $52.85.

MGM Resorts International Trading Down 0.5 %

NYSE MGM opened at $37.37 on Friday. The firm’s fifty day moving average is $38.68 and its two-hundred day moving average is $39.63. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The firm has a market cap of $11.13 billion, a PE ratio of 13.35, a P/E/G ratio of 2.67 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The company had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.64 EPS. Analysts expect that MGM Resorts International will post 2.5 earnings per share for the current year.

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.