State of Alaska Department of Revenue Cuts Stock Holdings in MGM Resorts International (NYSE:MGM)

State of Alaska Department of Revenue lowered its position in MGM Resorts International (NYSE:MGM) by 1.7% in the third quarter, Holdings Channel.com reports. The firm owned 26,835 shares of the company’s stock after selling 470 shares during the quarter. State of Alaska Department of Revenue’s holdings in MGM Resorts International were worth $1,048,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in MGM. Norden Group LLC acquired a new stake in shares of MGM Resorts International in the 1st quarter valued at approximately $462,000. Private Advisor Group LLC lifted its holdings in MGM Resorts International by 7.5% in the first quarter. Private Advisor Group LLC now owns 26,942 shares of the company’s stock valued at $1,272,000 after acquiring an additional 1,877 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of MGM Resorts International by 40.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,099 shares of the company’s stock worth $1,666,000 after purchasing an additional 10,886 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of MGM Resorts International by 109.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 63,598 shares of the company’s stock worth $3,002,000 after purchasing an additional 33,207 shares during the period. Finally, Daiwa Securities Group Inc. increased its holdings in shares of MGM Resorts International by 7.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 27,210 shares of the company’s stock valued at $1,285,000 after purchasing an additional 1,971 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

MGM has been the topic of a number of research reports. UBS Group upgraded MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Truist Financial dropped their price target on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Morgan Stanley boosted their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 22nd. Barclays dropped 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 report on Thursday, October 31st. Finally, Macquarie reduced their price target on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.15.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.13% of the stock is owned by insiders.

MGM Resorts International Trading Down 0.0 %

Shares of MGM Resorts International stock opened at $36.40 on Tuesday. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The business’s fifty day moving average is $38.41 and its two-hundred day moving average is $40.14. The company has a quick ratio of 1.42, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The firm has a market cap of $10.84 billion, a PE ratio of 13.00, a P/E/G ratio of 0.94 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter last year, the firm earned $0.64 EPS. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. Analysts anticipate that MGM Resorts International will post 2.45 earnings per share 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.