Grove Bank & Trust Cuts Stock Position in MGM Resorts International (NYSE:MGM)

Grove Bank & Trust lowered its stake in MGM Resorts International (NYSE:MGM) by 11.7% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,640 shares of the company’s stock after selling 350 shares during the period. Grove Bank & Trust’s holdings in MGM Resorts International were worth $91,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Ameritas Advisory Services LLC grew its stake in shares of MGM Resorts International by 6.3% in the 4th quarter. Ameritas Advisory Services LLC now owns 26,715 shares of the company’s stock worth $926,000 after buying an additional 1,585 shares during the last quarter. Merit Financial Group LLC bought a new position in MGM Resorts International in the 4th quarter valued at approximately $243,000. Empirical Asset Management LLC bought a new position in shares of MGM Resorts International during the 4th quarter valued at $3,418,000. Assenagon Asset Management S.A. lifted its holdings in shares of MGM Resorts International by 80.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock valued at $12,411,000 after buying an additional 159,522 shares during the period. Finally, Dale Q Rice Investment Management Ltd bought a new position in shares of MGM Resorts International during the 4th quarter valued at $535,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the transaction, the director now owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.83% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MGM. Truist Financial decreased their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Barclays decreased their target price on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft decreased their target price on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Mizuho decreased their target price on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Finally, JMP Securities reiterated a “market outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, January 16th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.93.

MGM Resorts International Trading Down 0.8 %

MGM opened at $32.85 on Tuesday. The firm has a market cap of $9.78 billion, a P/E ratio of 11.73, a P/E/G ratio of 3.04 and a beta of 2.21. MGM Resorts International has a 12 month low of $31.61 and a 12 month high of $48.24. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The stock has a 50-day moving average of $35.49 and a 200 day moving average of $38.00.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). The company had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The company’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.64 EPS. As a group, research analysts forecast that MGM Resorts International will post 2.43 EPS for the current 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.