Natixis Advisors LLC Cuts Stake in MGM Resorts International (NYSE:MGM)

Natixis Advisors LLC lowered its holdings in shares of MGM Resorts International (NYSE:MGM) by 4.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 178,448 shares of the company’s stock after selling 8,872 shares during the period. Natixis Advisors LLC’s holdings in MGM Resorts International were worth $6,976,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MGM. International Assets Investment Management LLC bought a new position in MGM Resorts International during the second quarter valued at approximately $28,000. Eastern Bank bought a new position in MGM Resorts International during the third quarter valued at approximately $35,000. EverSource Wealth Advisors LLC boosted its stake in MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 329 shares during the last quarter. UMB Bank n.a. boosted its stake in MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after buying an additional 237 shares during the last quarter. Finally, Planning Capital Management Corp bought a new position in MGM Resorts International during the third quarter valued at approximately $45,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the director now owns 5,738,478 shares in the company, valued at $210,716,912.16. This trade represents a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Up 1.2 %

NYSE:MGM opened at $37.97 on Friday. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The stock’s fifty day moving average is $38.57 and its two-hundred day moving average is $39.75. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The stock has a market capitalization of $11.30 billion, a price-to-earnings ratio of 13.58, a price-to-earnings-growth ratio of 2.66 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last posted its 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). The business had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company earned $0.64 EPS. Research analysts anticipate that MGM Resorts International will post 2.5 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Truist Financial lowered their price objective on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Barclays lowered their price objective on MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. JMP Securities lowered their price objective on MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating for the company in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft lowered their price objective on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company lowered their price objective on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $53.15.

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.