Adage Capital Partners GP L.L.C. Sells 7,200 Shares of MGM Resorts International $MGM

Adage Capital Partners GP L.L.C. lowered its stake in MGM Resorts International (NYSE:MGM - Free Report) by 3.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 204,200 shares of the company's stock after selling 7,200 shares during the period. Adage Capital Partners GP L.L.C. owned 0.08% of MGM Resorts International worth $6,052,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MGM. Mascagni Wealth Management Inc. purchased a new stake in shares of MGM Resorts International in the 4th quarter valued at approximately $28,000. Golden State Wealth Management LLC raised its position in shares of MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after buying an additional 455 shares during the last quarter. CX Institutional purchased a new stake in MGM Resorts International during the first quarter worth approximately $36,000. Bayforest Capital Ltd purchased a new stake in MGM Resorts International during the first quarter worth approximately $43,000. Finally, UMB Bank n.a. boosted its stake in shares of MGM Resorts International by 91.0% in the first quarter. UMB Bank n.a. now owns 1,616 shares of the company's stock valued at $48,000 after purchasing an additional 770 shares during the period. Hedge funds and other institutional investors own 68.11% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on MGM shares. JMP Securities reissued a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. Citigroup raised shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and raised their price objective for the company from $55.00 to $57.00 in a research report on Wednesday, July 9th. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Barclays boosted their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Finally, Mizuho reduced their price target on shares of MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating on the stock in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, MGM Resorts International has an average rating of "Moderate Buy" and an average price target of $48.67.

MGM Resorts International Trading Down 1.0%

Shares of NYSE:MGM traded down $0.35 during midday trading on Friday, hitting $34.99. 1,620,462 shares of the stock were exchanged, compared to its average volume of 5,216,500. The business's 50-day moving average price is $37.12 and its 200 day moving average price is $33.74. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. The stock has a market capitalization of $9.52 billion, a price-to-earnings ratio of 19.22, a P/E/G ratio of 1.52 and a beta of 1.69. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $42.53.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.21. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The firm's quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 earnings per share. Analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the transaction, the director directly owned 5,385,478 shares of the company's stock, valued at approximately $190,753,630.76. The trade was a 4.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.06% 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.