Andra AP fonden Lowers Stock Holdings in MGM Resorts International (NYSE:MGM)

Andra AP fonden lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 47.1% in the fourth quarter, Holdings Channel reports. The firm owned 94,300 shares of the company’s stock after selling 83,900 shares during the period. Andra AP fonden’s holdings in MGM Resorts International were worth $3,267,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. HG Vora Capital Management LLC acquired a new stake in MGM Resorts International in the 3rd quarter valued at about $97,725,000. Goldentree Asset Management LP grew its holdings in shares of MGM Resorts International by 86.4% during the 3rd 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. Raymond James Financial Inc. acquired a new stake in shares of MGM Resorts International during the fourth quarter valued at about $20,053,000. Jacobs Levy Equity Management Inc. purchased a new stake in MGM Resorts International in the third quarter valued at approximately $17,622,000. Finally, ArrowMark Colorado Holdings LLC grew its stake in shares of MGM Resorts International by 207.5% in the third quarter. ArrowMark Colorado Holdings LLC now owns 656,475 shares of the company’s stock valued at $25,662,000 after buying an additional 442,975 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the sale, the chief accounting officer now owns 18,301 shares in the company, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Jonathan S. Halkyard bought 10,000 shares of MGM Resorts International stock in a transaction that occurred on 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 purchase, the chief financial officer now owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This trade represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.83% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on MGM. Jefferies Financial Group dropped their target price on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, January 3rd. BTIG Research downgraded shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research report on Monday, February 3rd. Leerink Partners lowered MGM Resorts International to a “market perform” rating in a research report on Thursday, February 13th. Wells Fargo & Company lifted their price target on shares of MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, Wedbush reaffirmed an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.29.

MGM Resorts International Stock Up 1.3 %

MGM opened at $32.05 on Friday. MGM Resorts International has a one year low of $30.69 and a one year high of $48.24. The stock’s fifty day moving average is $34.40 and its 200-day moving average is $36.51. The company has a market capitalization of $9.15 billion, a PE ratio of 13.35, a P/E/G 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 (NYSE:MGM) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. On average, equities analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal 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.