Chevy Chase Trust Holdings LLC Decreases Holdings in MGM Resorts International $MGM

Key Points

• Chevy Chase Trust Holdings LLC reduced its stake in MGM Resorts International by 5.9%, resulting in ownership of 129,249 shares, valued at $4.45 million.
• Several hedge funds, including Davis Selected Advisers and AQR Capital Management, increased their holdings in MGM, emphasizing ongoing interest in the company.
• MGM's stock ratings vary, with one analyst giving it a Strong Buy rating, while others have set price targets between $34 and $60, indicating mixed views on its future performance.

Chevy Chase Trust Holdings LLC trimmed its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 5.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 129,249 shares of the company's stock after selling 8,084 shares during the quarter. Chevy Chase Trust Holdings LLC's holdings in MGM Resorts International were worth $4,445,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Davis Selected Advisers raised its position in shares of MGM Resorts International by 4.5% during the 1st quarter. Davis Selected Advisers now owns 20,815,057 shares of the company's stock valued at $616,958,000 after buying an additional 894,344 shares in the last quarter. Invesco Ltd. raised its position in shares of MGM Resorts International by 7.7% during the 1st quarter. Invesco Ltd. now owns 6,233,213 shares of the company's stock valued at $184,752,000 after buying an additional 447,870 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in shares of MGM Resorts International during the 2nd quarter valued at about $171,632,000. AQR Capital Management LLC raised its position in shares of MGM Resorts International by 104.2% during the 1st quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company's stock valued at $75,962,000 after buying an additional 1,332,313 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of MGM Resorts International by 0.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,985,513 shares of the company's stock valued at $58,851,000 after buying an additional 5,407 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MGM. Weiss Ratings reissued a "sell (d+)" rating on shares of MGM Resorts International in a research report on Wednesday, October 8th. UBS Group reduced their price objective on shares of MGM Resorts International from $44.00 to $39.00 and set a "neutral" rating on the stock in a research report on Thursday, September 11th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of MGM Resorts International from $54.00 to $53.00 in a research report on Monday, September 22nd. The Goldman Sachs Group reduced their price objective on shares of MGM Resorts International from $37.00 to $34.00 and set a "sell" rating on the stock in a research report on Wednesday, October 1st. Finally, Susquehanna increased their price objective on shares of MGM Resorts International from $50.00 to $60.00 and gave the stock a "positive" rating in a research report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, MGM Resorts International currently has an average rating of "Moderate Buy" and a consensus price target of $48.78.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total value of $8,571,640.00. Following the completion of the transaction, the director owned 5,385,478 shares of the company's stock, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John Mcmanus sold 60,000 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares of the company's stock, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is owned by company insiders.

MGM Resorts International Price Performance

NYSE MGM opened at $31.86 on Tuesday. 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 firm's 50 day moving average price is $35.45 and its 200-day moving average price is $34.16. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The company has a market cap of $8.67 billion, a PE ratio of 17.51, a P/E/G ratio of 1.30 and a beta of 1.67.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share (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 earned $0.86 earnings per share. The company's quarterly revenue was up 1.8% on a year-over-year basis. Sell-side analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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.

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