Riverview Capital Advisers LLC Reduces Holdings in MGM Resorts International (NYSE:MGM)

Riverview Capital Advisers LLC trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 70.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 57,936 shares of the company’s stock after selling 138,597 shares during the quarter. Riverview Capital Advisers LLC’s holdings in MGM Resorts International were worth $2,007,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Assetmark Inc. grew its position in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after acquiring an additional 411 shares during the period. Global Trust Asset Management LLC bought a new stake in MGM Resorts International during the fourth quarter valued at about $28,000. Global Retirement Partners LLC increased its position in MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after buying an additional 404 shares in the last quarter. Quarry LP increased its position in MGM Resorts International by 750.6% in the fourth quarter. Quarry LP now owns 1,446 shares of the company’s stock worth $50,000 after buying an additional 1,276 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of MGM Resorts International by 74.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company’s stock valued at $51,000 after acquiring an additional 633 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Trading Up 0.1%

MGM stock opened at $34.94 on Thursday. The company has a market capitalization of $9.51 billion, a PE ratio of 14.56, a P/E/G ratio of 0.98 and a beta of 1.78. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $47.26. The firm’s 50-day moving average is $30.76 and its 200 day moving average is $33.92.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same period last year, the business posted $0.74 EPS. MGM Resorts International’s quarterly revenue was down 2.4% on a year-over-year basis. On average, research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its Board of Directors has approved a stock repurchase plan on Wednesday, April 30th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to buy up to 22.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MGM. Leerink Partners cut shares of MGM Resorts International to a “market perform” rating in a research note on Thursday, February 13th. Barclays upped their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Argus raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Friday, February 14th. Truist Financial lowered their price objective on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Finally, Macquarie cut their target price on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.94.

Insider Activity

In related news, Director Daniel J. Taylor sold 5,261 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. The trade was a 24.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,261 shares of company stock worth $1,788,007. Corporate insiders own 3.06% of the company’s stock.

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.