Y Intercept Hong Kong Ltd Cuts Stock Position in MGM Resorts International $MGM

Y Intercept Hong Kong Ltd lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 49.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 88,523 shares of the company’s stock after selling 86,365 shares during the period. Y Intercept Hong Kong Ltd’s holdings in MGM Resorts International were worth $3,068,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. XML Financial LLC raised its stake in shares of MGM Resorts International by 0.9% during the second quarter. XML Financial LLC now owns 30,884 shares of the company’s stock worth $1,062,000 after acquiring an additional 287 shares in the last quarter. Concurrent Investment Advisors LLC increased its position in shares of MGM Resorts International by 4.1% during the second quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company’s stock valued at $274,000 after buying an additional 315 shares during the period. DekaBank Deutsche Girozentrale grew its stake in MGM Resorts International by 0.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 55,666 shares of the company’s stock worth $1,917,000 after purchasing an additional 399 shares during the period. NewEdge Advisors LLC grew its holdings in MGM Resorts International by 12.1% in the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock worth $115,000 after purchasing an additional 421 shares during the period. Finally, Hantz Financial Services Inc. boosted its stake in MGM Resorts International by 27.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,986 shares of the company’s stock worth $68,000 after purchasing an additional 423 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Trading Down 0.9%

Shares of MGM stock opened at $33.74 on Tuesday. The business’s fifty day moving average price is $35.34 and its 200 day moving average price is $35.18. The firm has a market capitalization of $9.23 billion, a PE ratio of 211.16 and a beta of 1.46. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.23 and a quick ratio of 1.19. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $41.32.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.13). The firm had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.54 earnings per share. As a group, sell-side analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, major shareholder Iac Inc. purchased 1,098,748 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were purchased at an average cost of $36.30 per share, with a total value of $39,884,552.40. Following the purchase, the insider owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. This represents a 1.70% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 3.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MGM. Wells Fargo & Company increased their price objective on shares of MGM Resorts International from $29.00 to $31.00 and gave the stock an “underweight” rating in a research note on Friday, January 16th. Stifel Nicolaus set a $45.00 price target on MGM Resorts International in a report on Thursday, October 30th. Argus dropped their price objective on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, November 14th. Capital One Financial cut their target price on MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, December 5th. Finally, The Goldman Sachs Group reissued a “sell” rating and issued a $33.00 price target on shares of MGM Resorts International in a report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $44.68.

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.