Corient Private Wealth LLC Decreases Stake in MGM Resorts International (NYSE:MGM)

Corient Private Wealth LLC reduced its holdings in MGM Resorts International (NYSE:MGM) by 30.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 121,453 shares of the company’s stock after selling 53,306 shares during the period. Corient Private Wealth LLC’s holdings in MGM Resorts International were worth $4,208,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the company. Davis Selected Advisers raised its stake in MGM Resorts International by 4.6% during the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock worth $690,253,000 after purchasing an additional 882,417 shares during the period. Fisher Asset Management LLC raised its stake in MGM Resorts International by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company’s stock worth $177,777,000 after purchasing an additional 90,645 shares during the period. 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 worth $117,270,000 after purchasing an additional 1,390,599 shares during the period. HG Vora Capital Management LLC purchased a new position in MGM Resorts International during the third quarter worth about $97,725,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in MGM Resorts International by 5.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,298,094 shares of the company’s stock worth $89,832,000 after purchasing an additional 123,124 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MGM shares. Canaccord Genuity Group reissued a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Macquarie restated an “outperform” rating and issued a $50.00 price objective on shares of MGM Resorts International in a report 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 report on Tuesday, January 14th. Citigroup lifted their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Argus upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Friday, February 14th. Six analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and a consensus target price of $51.29.

Insider Transactions at MGM Resorts International

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction dated Thursday, March 6th. The shares were acquired 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 directly owns 75,648 shares in the company, valued at $2,433,596.16. This trade represents a 15.23 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the stock in a transaction dated Wednesday, February 19th. The shares were 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 in the company, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Down 3.4 %

Shares of MGM Resorts International stock opened at $31.42 on Friday. The company has a market cap of $8.97 billion, a P/E ratio of 13.09, a PEG ratio of 0.98 and a beta of 2.18. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. MGM Resorts International has a one year low of $29.99 and a one year high of $48.25. The firm has a fifty day moving average of $34.02 and a two-hundred day moving average of $36.07.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. On average, analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

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.