Daymark Wealth Partners LLC Lowers Holdings in MGM Resorts International (NYSE:MGM)

Daymark Wealth Partners LLC reduced its stake in shares of MGM Resorts International (NYSE:MGM) by 60.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,098 shares of the company’s stock after selling 19,762 shares during the quarter. Daymark Wealth Partners LLC’s holdings in MGM Resorts International were worth $454,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. HG Vora Capital Management LLC purchased a new position in shares of MGM Resorts International during the 3rd quarter valued at approximately $97,725,000. Goldentree Asset Management LP grew its position in MGM Resorts International by 86.4% during the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after buying an additional 1,390,599 shares during the period. Marshall Wace LLP increased its holdings in MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after buying an additional 706,159 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of MGM Resorts International in the third quarter worth about $17,622,000. Finally, ArrowMark Colorado Holdings LLC boosted its stake in shares of MGM Resorts International by 207.5% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 656,475 shares of the company’s stock worth $25,662,000 after acquiring an additional 442,975 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MGM shares. JMP Securities reissued 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. Jefferies Financial Group cut their target price on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, January 3rd. Deutsche Bank Aktiengesellschaft decreased their price target on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Truist Financial cut their price objective on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Wells Fargo & Company decreased 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. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.93.

MGM Resorts International Trading Up 1.0 %

Shares of MGM opened at $33.14 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The firm has a 50-day moving average price of $35.23 and a 200 day moving average price of $37.86. MGM Resorts International has a 12-month low of $31.61 and a 12-month high of $48.24. The firm has a market capitalization of $9.87 billion, a P/E ratio of 11.83, a P/E/G ratio of 3.11 and a beta of 2.21.

MGM Resorts International (NYSE:MGM) last announced 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). 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 for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the prior year, the business earned $0.64 EPS. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Sell-side analysts forecast that MGM Resorts International will post 2.41 EPS for the current year.

MGM Resorts International Company 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.