Gerber Kawasaki Wealth & Investment Management Sells 18,245 Shares of MGM Resorts International $MGM

Gerber Kawasaki Wealth & Investment Management trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 14.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 107,279 shares of the company’s stock after selling 18,245 shares during the quarter. Gerber Kawasaki Wealth & Investment Management’s holdings in MGM Resorts International were worth $3,915,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MGM. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International during the 2nd quarter worth about $25,000. Global Retirement Partners LLC increased its position in shares of MGM Resorts International by 55.9% during the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after purchasing an additional 281 shares in the last quarter. Elyxium Wealth LLC acquired a new stake in shares of MGM Resorts International during the 4th quarter worth about $42,000. City Holding Co. acquired a new stake in shares of MGM Resorts International during the 4th quarter worth about $44,000. Finally, Stance Capital LLC acquired a new stake in shares of MGM Resorts International during the 3rd quarter worth about $46,000. 68.11% of the stock is owned by institutional investors.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, major shareholder Iac Inc. purchased 450,000 shares of the stock in a transaction dated Tuesday, March 24th. The stock was bought at an average price of $37.13 per share, for a total transaction of $16,708,500.00. Following the transaction, the insider directly owned 66,822,350 shares in the company, valued at $2,481,113,855.50. This represents a 0.68% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The SEC filing for this sale provides additional information. 3.38% of the stock is owned by insiders.

MGM Resorts International Trading Up 3.6%

MGM opened at $48.91 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93. The stock has a market capitalization of $12.51 billion, a PE ratio of 67.93 and a beta of 1.31. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59. The firm has a 50-day moving average price of $40.27 and a two-hundred day moving average price of $37.35.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.37 billion. During the same quarter in the prior year, the firm earned $0.69 EPS. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. As a group, equities analysts anticipate that MGM Resorts International will post 1.95 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on MGM shares. The Goldman Sachs Group increased their target price on shares of MGM Resorts International from $34.00 to $38.00 and gave the stock a “sell” rating in a research report on Thursday, April 30th. Barclays increased their target price on shares of MGM Resorts International from $37.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Truist Financial upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and increased their target price for the stock from $42.00 to $55.00 in a research report on Wednesday, May 27th. Citigroup lowered their price objective on shares of MGM Resorts International from $41.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Hold” and a consensus target price of $50.18.

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.