HighTower Advisors LLC Reduces Stock Position in MGM Resorts International (NYSE:MGM)

HighTower Advisors LLC cut its holdings in shares of MGM Resorts International (NYSE:MGM) by 7.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 113,839 shares of the company’s stock after selling 9,358 shares during the quarter. HighTower Advisors LLC’s holdings in MGM Resorts International were worth $3,945,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its holdings in MGM Resorts International by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock worth $79,110,000 after purchasing an additional 38,749 shares during the last quarter. Goldentree Asset Management LP raised its stake 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 in the last quarter. ACR Alpine Capital Research LLC lifted its holdings in MGM Resorts International by 23.3% in the fourth quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company’s stock worth $5,613,000 after acquiring an additional 30,605 shares during the last quarter. Davis Selected Advisers lifted its holdings in MGM Resorts International by 4.6% in the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock worth $690,253,000 after acquiring an additional 882,417 shares during the last quarter. Finally, Miracle Mile Advisors LLC bought a new position in MGM Resorts International in the fourth quarter worth about $2,010,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Stock Down 0.5 %

Shares of NYSE:MGM opened at $32.52 on Friday. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The company has a market cap of $9.29 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. MGM Resorts International has a 52 week low of $29.99 and a 52 week high of $48.25. The firm has a 50 day simple moving average of $34.03 and a 200 day simple moving average of $36.12.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. As a group, research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MGM shares. Stifel Nicolaus raised their target price on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Wedbush reissued an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Capital One Financial raised their target price on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Macquarie reaffirmed an “outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, Barclays reissued an “equal weight” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and an average target price of $51.29.

Insider Buying and Selling

In related news, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $32.17 per share, with a total value of $321,700.00. Following the purchase, the chief financial officer now owns 75,648 shares in the company, valued at $2,433,596.16. This represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. 2.13% of the stock is currently owned by corporate insiders.

About MGM Resorts International

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.