Arrowstreet Capital Limited Partnership Decreases Stock Holdings in MGM Resorts International $MGM

Key Points

• Arrowstreet Capital cut its MGM Resorts International stake by 7.1% in the fourth quarter, selling 542,569 shares and ending with 7,099,491 shares worth about $259 million.
• Analyst sentiment on MGM remains mixed: the stock carries a Hold consensus rating with an average price target of $50.18, though several firms recently adjusted targets and ratings, including Susquehanna raising its target to $50.
• MGM reported Q1 earnings of $0.49 per share, below expectations, but revenue of $4.45 billion topped estimates and rose 4.2% year over year.

Arrowstreet Capital Limited Partnership trimmed its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 7.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,099,491 shares of the company's stock after selling 542,569 shares during the quarter. Arrowstreet Capital Limited Partnership owned 2.78% of MGM Resorts International worth $259,060,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Global Retirement Partners LLC grew its holdings in MGM Resorts International by 55.9% during the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock valued at $29,000 after purchasing an additional 281 shares during the period. Asset Management One Co. Ltd. boosted its holdings in shares of MGM Resorts International by 4.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company's stock worth $286,000 after acquiring an additional 313 shares during the period. Brown Brothers Harriman & Co. boosted its stake in MGM Resorts International by 23.1% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company's stock valued at $69,000 after buying an additional 355 shares during the period. Public Employees Retirement System of Ohio boosted its stake in MGM Resorts International by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company's stock valued at $2,218,000 after buying an additional 397 shares during the period. Finally, New York Life Investment Management LLC boosted its stake in MGM Resorts International by 1.5% during the fourth quarter. New York Life Investment Management LLC now owns 27,750 shares of the company's stock valued at $1,013,000 after buying an additional 399 shares during the period. 68.11% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MGM. Citigroup lowered their price target on MGM Resorts International from $41.00 to $40.00 and set a "neutral" rating on the stock in a research report on Thursday, April 30th. Weiss Ratings upgraded MGM Resorts International from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, May 15th. Barclays raised their price target on MGM Resorts International from $37.00 to $39.00 and gave the company an "equal weight" rating in a research report on Thursday, April 30th. Susquehanna lifted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a report on Monday, June 1st. Finally, Mizuho decreased their price objective on MGM Resorts International from $62.00 to $59.00 and set an "outperform" rating on the stock in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $50.18.

MGM Resorts International Stock Performance

Shares of MGM opened at $48.91 on Monday. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. The business's 50 day moving average price is $40.27 and its 200-day moving average price is $37.39. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. The stock has a market cap of $12.51 billion, a P/E ratio of 67.93 and a beta of 1.31.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.37 billion. During the same period in the prior year, the firm earned $0.69 earnings per share. The business's revenue for the quarter was up 4.2% compared to the same quarter last year. Equities research analysts anticipate that MGM Resorts International will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Iac Inc. acquired 550,000 shares of the firm's stock in a transaction that occurred on Monday, March 23rd. The stock was bought at an average cost of $37.30 per share, for a total transaction of $20,515,000.00. Following the acquisition, the insider directly owned 66,372,350 shares in the company, valued at approximately $2,475,688,655. The trade was a 0.84% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel J. Taylor sold 6,675 shares of the business's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The SEC filing for this sale provides additional information. 3.38% of the stock is owned by insiders.

About MGM Resorts International

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.

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