Weiss Asset Management LP Trims Stock Position in MGM Resorts International $MGM

Weiss Asset Management LP decreased its position in shares of MGM Resorts International (NYSE:MGM) by 50.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 13,200 shares of the company’s stock after selling 13,284 shares during the quarter. Weiss Asset Management LP’s holdings in MGM Resorts International were worth $489,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. CYBER HORNET ETFs LLC purchased a new stake in shares of MGM Resorts International in the 2nd quarter valued at about $25,000. Global Retirement Partners LLC lifted its stake in MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after buying an additional 281 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in MGM Resorts International in the first quarter valued at approximately $30,000. Elyxium Wealth LLC acquired a new stake in shares of MGM Resorts International in the fourth quarter valued at approximately $42,000. Finally, City Holding Co. purchased a new position in shares of MGM Resorts International during the fourth quarter worth approximately $44,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Trading Down 0.1%

Shares of MGM stock opened at $46.27 on Wednesday. The business’s fifty day moving average price is $46.00 and its 200 day moving average price is $39.80. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59. The firm has a market capitalization of $11.84 billion, a PE ratio of 64.27 and a beta of 1.29. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). The business had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The company’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.69 EPS. As a group, sell-side analysts forecast that MGM Resorts International will post 1.99 EPS for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on MGM shares. The Goldman Sachs Group reiterated a “sell” rating and issued a $43.00 price target on shares of MGM Resorts International in a research report on Wednesday, July 15th. Weiss Ratings upgraded shares of MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, May 15th. UBS Group set a $48.00 target price on shares of MGM Resorts International in a research note on Thursday, July 2nd. Jefferies Financial Group reissued a “hold” rating on shares of MGM Resorts International in a report on Thursday, July 2nd. Finally, Susquehanna upped their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research note on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $52.31.

About MGM Resorts International

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.