MGM Resorts International (NYSE:MGM) Stake Lessened by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its stake in MGM Resorts International (NYSE:MGM) by 7.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,816 shares of the company’s stock after selling 995 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MGM Resorts International were worth $462,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in MGM. Raymond James & Associates increased its stake in MGM Resorts International by 22.6% during the third quarter. Raymond James & Associates now owns 468,269 shares of the company’s stock valued at $18,305,000 after purchasing an additional 86,370 shares during the last quarter. Blue Trust Inc. increased its stake in MGM Resorts International by 120.6% during the third quarter. Blue Trust Inc. now owns 1,348 shares of the company’s stock valued at $53,000 after purchasing an additional 737 shares during the last quarter. V Square Quantitative Management LLC increased its stake in MGM Resorts International by 31.0% during the third quarter. V Square Quantitative Management LLC now owns 6,939 shares of the company’s stock valued at $271,000 after purchasing an additional 1,643 shares during the last quarter. nVerses Capital LLC increased its stake in MGM Resorts International by 233.3% during the third quarter. nVerses Capital LLC now owns 21,000 shares of the company’s stock valued at $821,000 after purchasing an additional 14,700 shares during the last quarter. Finally, Vontobel Holding Ltd. increased its stake in MGM Resorts International by 37.9% during the third quarter. Vontobel Holding Ltd. now owns 20,426 shares of the company’s stock valued at $798,000 after purchasing an additional 5,611 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In related news, Director Paul J. Salem purchased 147,500 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the transaction, the director now directly owns 1,702,500 shares of the company’s stock, valued at $57,544,500. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul J. Salem acquired 147,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the acquisition, the director now directly owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 216,400 shares of company stock valued at $7,312,197. 2.13% of the stock is currently owned by corporate insiders.

MGM Resorts International Stock Performance

NYSE:MGM opened at $36.41 on Friday. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. The company has a 50-day moving average of $38.46 and a 200-day moving average of $40.22. The firm has a market cap of $11.06 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 1.02 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.46%. The firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the prior year, the company posted $0.64 earnings per share. MGM Resorts International’s quarterly revenue was up 5.3% compared to the same quarter last year. Analysts forecast that MGM Resorts International will post 2.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MGM. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Stifel Nicolaus upped their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Susquehanna upped their price target on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, August 1st. Wells Fargo & Company lowered their price target on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, Barclays decreased their target price on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and an average price target of $53.15.

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.