Highland Capital Management LLC Decreases Stock Position in MGM Resorts International (NYSE:MGM)

Highland Capital Management LLC trimmed its position in shares of MGM Resorts International (NYSE:MGM) by 2.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 91,860 shares of the company’s stock after selling 2,010 shares during the quarter. Highland Capital Management LLC’s holdings in MGM Resorts International were worth $3,183,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of MGM. Quent Capital LLC increased its holdings in shares of MGM Resorts International by 14.6% in the 3rd quarter. Quent Capital LLC now owns 2,383 shares of the company’s stock valued at $93,000 after acquiring an additional 304 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of MGM Resorts International by 0.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,200 shares of the company’s stock worth $2,080,000 after purchasing an additional 309 shares during the last quarter. Ballentine Partners LLC boosted its position in MGM Resorts International by 5.4% during the fourth quarter. Ballentine Partners LLC now owns 6,553 shares of the company’s stock valued at $227,000 after purchasing an additional 333 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in MGM Resorts International by 1.6% in the third quarter. Daiwa Securities Group Inc. now owns 28,466 shares of the company’s stock valued at $1,113,000 after purchasing an additional 459 shares during the last quarter. Finally, Blueshift Asset Management LLC raised its holdings in MGM Resorts International by 1.9% in the third quarter. Blueshift Asset Management LLC now owns 25,436 shares of the company’s stock worth $994,000 after purchasing an additional 482 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the sale, the director now directly owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.13% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Mizuho lowered their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Barclays cut their price target on shares of MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 13th. Truist Financial decreased their price objective on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Morgan Stanley boosted their target price on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, January 16th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average price target of $51.93.

MGM Resorts International Stock Performance

MGM opened at $34.60 on Friday. The firm has a fifty day moving average price of $34.86 and a 200 day moving average price of $37.48. MGM Resorts International has a 1 year low of $31.61 and a 1 year high of $48.24. The stock has a market cap of $10.30 billion, a P/E ratio of 12.36, a P/E/G ratio of 3.06 and a beta of 2.21. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same quarter last year, the company posted $0.64 EPS. The company’s revenue was up 5.3% on a year-over-year basis. Equities research analysts anticipate that MGM Resorts International will post 2.41 earnings per share for the current year.

MGM Resorts International Profile

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.