Envestnet Portfolio Solutions Inc. Reduces Stock Position in MGM Resorts International (NYSE:MGM)

Envestnet Portfolio Solutions Inc. cut its stake in MGM Resorts International (NYSE:MGM) by 9.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,464 shares of the company’s stock after selling 2,901 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in MGM Resorts International were worth $917,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC purchased a new position in MGM Resorts International in the fourth quarter valued at about $28,000. Assetmark Inc. increased its holdings in MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after buying an additional 411 shares in the last quarter. Global Retirement Partners LLC increased its stake in shares of MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after purchasing an additional 404 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of MGM Resorts International during the 3rd quarter worth approximately $44,000. Finally, Modus Advisors LLC purchased a new position in shares of MGM Resorts International during the 4th quarter worth approximately $46,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MGM. Canaccord Genuity Group reissued a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Mizuho raised their price objective on shares of MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, February 13th. Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Truist Financial dropped their price objective on shares of 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, Leerink Partners cut shares of MGM Resorts International to a “market perform” rating in a research note on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.29.

Insider Buying and Selling

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

MGM Resorts International Stock Down 3.4 %

Shares of MGM opened at $31.42 on Monday. MGM Resorts International has a fifty-two week low of $29.99 and a fifty-two week high of $48.25. The firm has a market cap of $8.97 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The company’s fifty day moving average is $34.02 and its two-hundred day moving average is $36.07.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (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%. Analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

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.