Factorial Partners LLC Sells 14,000 Shares of MGM Resorts International $MGM

Factorial Partners LLC reduced its position in MGM Resorts International (NYSE:MGM) by 16.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 71,000 shares of the company’s stock after selling 14,000 shares during the period. MGM Resorts International accounts for approximately 1.7% of Factorial Partners LLC’s investment portfolio, making the stock its 24th biggest holding. Factorial Partners LLC’s holdings in MGM Resorts International were worth $2,591,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of MGM. Vanguard Group Inc. lifted its holdings in shares of MGM Resorts International by 1.5% in the third quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company’s stock worth $817,175,000 after buying an additional 340,629 shares in the last quarter. TD Asset Management Inc lifted its holdings in shares of MGM Resorts International by 146.9% in the third quarter. TD Asset Management Inc now owns 92,957 shares of the company’s stock worth $3,222,000 after buying an additional 55,300 shares in the last quarter. Savant Capital LLC lifted its holdings in shares of MGM Resorts International by 100.0% in the third quarter. Savant Capital LLC now owns 62,892 shares of the company’s stock worth $2,180,000 after buying an additional 31,446 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of MGM Resorts International by 423.8% in the third quarter. Thrivent Financial for Lutherans now owns 42,594 shares of the company’s stock worth $1,476,000 after buying an additional 34,463 shares in the last quarter. Finally, LSV Asset Management lifted its holdings in shares of MGM Resorts International by 4.3% in the third quarter. LSV Asset Management now owns 2,783,800 shares of the company’s stock worth $96,487,000 after buying an additional 114,400 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

More MGM Resorts International News

Here are the key news stories impacting MGM Resorts International this week:

• Positive Sentiment: People Inc. formally submitted an all-cash proposal to acquire MGM shares it does not already own for $48.30 each, a premium that sparked a strong takeover-driven rally. MGM Resorts International Confirms Receipt of Acquisition Proposal from People Incorporated
• Positive Sentiment: The bid suggests Barry Diller sees MGM’s casino and hospitality assets as undervalued and difficult to replace, which is boosting optimism around a possible deal and a rebound in Las Vegas demand. Barry Diller’s People to put in $18 billion bid for casino giant MGM Resorts
• Positive Sentiment: Analysts and market commentary are pointing to improving Las Vegas trends and fresh takeover speculation as catalysts, reinforcing the stock’s momentum. Barry Diller’s $12.4 billion offer for MGM is a big bet that Vegas is back
• Neutral Sentiment: Susquehanna raised its price target on MGM to $50 from $45 and kept a positive rating, which supports sentiment but is secondary to the takeover news. Susquehanna adjusts price target on MGM Resorts International to $50 from $45

MGM Resorts International Price Performance

MGM Resorts International stock opened at $50.64 on Tuesday. The company has a market cap of $12.96 billion, a price-to-earnings ratio of 70.33 and a beta of 1.31. The firm’s fifty day moving average is $38.28 and its 200 day moving average is $36.39. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The firm had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.37 billion. During the same period in the prior year, the company posted $0.69 EPS. The company’s revenue was up 4.2% compared to the same quarter last year. Sell-side analysts forecast that MGM Resorts International will post 1.99 EPS for the current fiscal year.

Analysts Set New Price Targets

MGM has been the topic of several research analyst reports. KeyCorp raised shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 target price on the stock in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of MGM Resorts International in a report on Friday, May 1st. The Goldman Sachs Group boosted their target price on shares of MGM Resorts International from $34.00 to $38.00 and gave the stock a “sell” rating in a report on Thursday, April 30th. Berenberg Bank reissued a “buy” rating on shares of MGM Resorts International in a report on Wednesday, February 11th. Finally, Jefferies Financial Group downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating and lowered their target price for the stock from $50.00 to $44.00 in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $48.47.

Insider Transactions at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Keith A. Meister sold 37,500 shares of the company’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the completion of the transaction, the director owned 5,347,978 shares in the company, valued at approximately $183,275,206.06. The trade was a 0.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 3.38% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.