Adage Capital Partners GP L.L.C. Trims Stock Holdings in MGM Resorts International $MGM

Adage Capital Partners GP L.L.C. trimmed its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 3.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 204,200 shares of the company's stock after selling 7,200 shares during the quarter. 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 hedge funds and other institutional investors also recently bought and sold shares of MGM. Captrust Financial Advisors lifted its holdings in MGM Resorts International by 84.8% during the 4th quarter. Captrust Financial Advisors now owns 14,295 shares of the company's stock worth $495,000 after buying an additional 6,559 shares in the last quarter. Cetera Investment Advisers lifted its holdings in MGM Resorts International by 34.2% during the 4th quarter. Cetera Investment Advisers now owns 110,956 shares of the company's stock worth $3,845,000 after buying an additional 28,268 shares in the last quarter. Deutsche Bank AG lifted its holdings in MGM Resorts International by 38.3% during the 4th quarter. Deutsche Bank AG now owns 1,429,115 shares of the company's stock worth $49,519,000 after buying an additional 395,836 shares in the last quarter. Gotham Asset Management LLC lifted its holdings in MGM Resorts International by 140.0% during the 4th quarter. Gotham Asset Management LLC now owns 175,046 shares of the company's stock worth $6,065,000 after buying an additional 102,103 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new stake in MGM Resorts International during the 4th quarter worth approximately $2,079,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Stock Down 1.4%

Shares of NYSE MGM traded down $0.51 during mid-day trading on Thursday, reaching $35.44. The company had a trading volume of 4,030,950 shares, compared to its average volume of 5,221,712. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The firm has a 50 day simple moving average of $37.16 and a two-hundred day simple moving average of $33.74. The stock has a market cap of $9.65 billion, a P/E ratio of 19.47, a PEG ratio of 1.52 and a beta of 1.69. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53.

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

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the sale, the director owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. The trade was a 1.05% 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. Corporate insiders own 3.06% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MGM. Mizuho decreased their price objective on MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. JPMorgan Chase & Co. began coverage on MGM Resorts International in a research note on Monday, June 23rd. They issued a "neutral" rating and a $38.00 price objective for the company. Barclays lifted their price objective on MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Susquehanna lifted their price objective on MGM Resorts International from $50.00 to $60.00 and gave the company a "positive" rating in a research note on Tuesday, July 29th. Finally, The Goldman Sachs Group began coverage on MGM Resorts International in a research note on Monday, July 7th. They issued a "sell" rating and a $34.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $48.67.

MGM Resorts International Company 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.