Readystate Asset Management LP Sells 20,980 Shares of MGM Resorts International $MGM

Readystate Asset Management LP trimmed its position in shares of MGM Resorts International (NYSE:MGM) by 31.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,730 shares of the company’s stock after selling 20,980 shares during the period. Readystate Asset Management LP’s holdings in MGM Resorts International were worth $1,620,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Corient Private Wealth LLC lifted its stake in MGM Resorts International by 356.6% in the second quarter. Corient Private Wealth LLC now owns 528,526 shares of the company’s stock worth $18,176,000 after acquiring an additional 412,767 shares during the period. American Assets Inc. raised its holdings in MGM Resorts International by 66.7% in the 2nd quarter. American Assets Inc. now owns 30,000 shares of the company’s stock worth $950,000 after purchasing an additional 12,000 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in shares of MGM Resorts International in the 2nd quarter worth about $6,351,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of MGM Resorts International by 109.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 129,115 shares of the company’s stock worth $4,276,000 after purchasing an additional 67,542 shares during the period. Finally, Permanent Capital Management LP purchased a new position in shares of MGM Resorts International during the third quarter valued at about $738,000. 68.11% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Iac Inc. bought 1,098,748 shares of the stock in a transaction on Friday, December 5th. The shares were acquired at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the purchase, the insider owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. The trade was a 1.70% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.06% of the company’s stock.

MGM Resorts International Trading Up 0.4%

NYSE:MGM opened at $34.29 on Wednesday. The stock has a market cap of $8.77 billion, a price-to-earnings ratio of 45.72 and a beta of 1.44. The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91. The company’s 50 day moving average price is $35.61 and its 200-day moving average price is $34.89. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $40.16.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.96. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.During the same period in the prior year, the firm posted $0.45 EPS. On average, equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Citigroup raised their price objective on shares of MGM Resorts International from $35.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. JPMorgan Chase & Co. raised their target price on MGM Resorts International from $39.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, February 6th. Texas Capital raised MGM Resorts International to a “strong-buy” rating in a research note on Thursday, January 8th. Morgan Stanley restated an “underweight” rating and set a $34.00 target price on shares of MGM Resorts International in a report on Wednesday, February 11th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $41.94.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.