Geode Capital Management LLC Trims Stock Holdings in MGM Resorts International (NYSE:MGM)

Geode Capital Management LLC reduced its stake in shares of MGM Resorts International (NYSE:MGM) by 6.3% during the third quarter, Holdings Channel reports. The institutional investor owned 5,391,300 shares of the company’s stock after selling 363,793 shares during the period. Geode Capital Management LLC’s holdings in MGM Resorts International were worth $210,016,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Marshall Wace LLP raised its holdings in 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 acquiring an additional 706,159 shares during the period. Empower Advisory Group LLC raised its stake in MGM Resorts International by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock valued at $61,430,000 after purchasing an additional 62,997 shares during the period. Goldentree Asset Management LP raised its stake in 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 valued at $117,270,000 after purchasing an additional 1,390,599 shares during the period. Maverick Capital Ltd. purchased a new position in MGM Resorts International in the 2nd quarter worth approximately $1,211,000. Finally, American Assets Capital Advisers LLC boosted its stake in MGM Resorts International by 135.0% in the 3rd quarter. American Assets Capital Advisers LLC now owns 469,552 shares of the company’s stock worth $18,355,000 after purchasing an additional 269,761 shares during the period. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Stock Down 1.5 %

NYSE MGM opened at $36.25 on Monday. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The firm has a market capitalization of $10.79 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 3.16 and a beta of 2.20. The company has a fifty day moving average of $38.37 and a two-hundred day moving average of $39.37.

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 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 firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the prior year, the firm posted $0.64 earnings per share. MGM Resorts International’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, analysts predict that MGM Resorts International will post 2.48 earnings per share for the current year.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the sale, the director now directly owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.13% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Mizuho lowered their target price on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. JMP Securities dropped their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating for the company in a report on Monday, November 25th. Barclays reduced 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. Wells Fargo & Company dropped their price target on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.54.

MGM Resorts International Company 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.