River Road Asset Management LLC Cuts Stake in MGM Resorts International (NYSE:MGM)

River Road Asset Management LLC cut its stake in shares of MGM Resorts International (NYSE:MGM) by 3.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 478,294 shares of the company’s stock after selling 19,384 shares during the quarter. River Road Asset Management LLC’s holdings in MGM Resorts International were worth $18,697,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Goldentree Asset Management LP bought a new stake in MGM Resorts International during the 1st quarter valued at about $35,726,000. Marshall Wace LLP grew its holdings in shares of MGM Resorts International by 174.8% during the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after buying an additional 706,159 shares during the last quarter. Boston Partners increased its position in shares of MGM Resorts International by 12.6% during the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after acquiring an additional 684,676 shares in the last quarter. LSV Asset Management purchased a new position in MGM Resorts International in the 2nd quarter worth approximately $21,149,000. Finally, Shellback Capital LP lifted its position in MGM Resorts International by 433.3% in the 2nd quarter. Shellback Capital LP now owns 400,000 shares of the company’s stock valued at $17,776,000 after acquiring an additional 325,000 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Trading Down 1.4 %

NYSE:MGM opened at $35.89 on Tuesday. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24. The business has a fifty day moving average price of $38.38 and a 200-day moving average price of $40.10. The firm has a market capitalization of $10.69 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 2.60 and a beta of 2.23. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The company had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the previous year, the company earned $0.64 EPS. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. Sell-side analysts forecast that MGM Resorts International will post 2.5 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the company. Macquarie reduced their target price on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Barclays reduced their price objective on MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. Wells Fargo & Company lowered their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. JMP Securities reduced their price target on shares of MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating for the company in a research note on Thursday, October 31st. Finally, Mizuho lowered their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $53.15.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.83% of the stock is currently owned by insiders.

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.