Shikiar Asset Management Inc. Has $7.55 Million Stock Position in MGM Resorts International (NYSE:MGM)

Shikiar Asset Management Inc. lessened its stake in MGM Resorts International (NYSE:MGM) by 7.0% in the fourth quarter, Holdings Channel reports. The firm owned 217,890 shares of the company’s stock after selling 16,470 shares during the quarter. MGM Resorts International accounts for about 2.0% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 21st largest position. Shikiar Asset Management Inc.’s holdings in MGM Resorts International were worth $7,550,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Fisher Asset Management LLC lifted its stake in MGM Resorts International by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company’s stock worth $177,777,000 after purchasing an additional 90,645 shares during the last quarter. Goldentree Asset Management LP raised 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 buying an additional 1,390,599 shares in the last quarter. HG Vora Capital Management LLC bought a new stake in shares of MGM Resorts International during the 3rd quarter worth $97,725,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in MGM Resorts International by 5.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,298,094 shares of the company’s stock valued at $89,832,000 after buying an additional 123,124 shares in the last quarter. Finally, FMR LLC grew its position in MGM Resorts International by 5.0% in the third quarter. FMR LLC now owns 1,681,699 shares of the company’s stock valued at $65,738,000 after acquiring an additional 79,486 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $32.85 on Friday. The stock has a market capitalization of $9.78 billion, a PE ratio of 11.73, a PEG ratio of 3.04 and a beta of 2.21. The business’s 50 day simple moving average is $35.57 and its 200 day simple moving average is $38.14. 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 has a one year low of $31.61 and a one year high of $48.24.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data 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 net margin of 5.23% and a return on equity of 25.84%. The firm had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the prior year, the company posted $0.64 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts forecast that MGM Resorts International will post 2.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MGM has been the subject of a number of research reports. Truist Financial dropped their target price on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday. Barclays dropped their price objective on shares of MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating for the company in a research note on Friday, December 13th. Morgan Stanley boosted their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. 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. Finally, Mizuho reduced their price objective on 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 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.93.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the sale, the director now owns 5,687,478 shares in the company, valued at $207,991,070.46. The trade was a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.83% of the company’s stock.

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.