Gamco Investors INC. ET AL Trims Stock Position in MGM Resorts International $MGM

Key Points

• Gamco Investors cut its MGM Resorts International stake by 23.8% in the first quarter, selling 108,840 shares and leaving it with 349,172 shares valued at about $12.9 million.
• Several analysts raised their price targets on MGM, with the consensus average target at $52.31, though the stock still carries an overall Hold rating.
• MGM reported quarterly EPS of $0.49, below estimates, while revenue came in at $4.45 billion, slightly above expectations and up 4.2% year over year.

Gamco Investors INC. ET AL trimmed its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 23.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 349,172 shares of the company's stock after selling 108,840 shares during the period. Gamco Investors INC. ET AL owned 0.14% of MGM Resorts International worth $12,923,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Whittier Trust Co. boosted its position in shares of MGM Resorts International by 2.5% in the first quarter. Whittier Trust Co. now owns 10,778 shares of the company's stock worth $405,000 after acquiring an additional 262 shares during the last quarter. Global Retirement Partners LLC grew its holdings in MGM Resorts International by 55.9% in 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. increased its position in MGM Resorts International by 4.2% during the fourth quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company's stock worth $286,000 after purchasing an additional 313 shares during the last quarter. Brown Brothers Harriman & Co. raised 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 worth $69,000 after purchasing an additional 355 shares during the period. Finally, Public Employees Retirement System of Ohio raised 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 worth $2,218,000 after purchasing an additional 397 shares during the period. Hedge funds and other institutional investors own 68.11% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MGM. Citigroup boosted their price objective on shares of MGM Resorts International from $40.00 to $48.00 and gave the company a "neutral" rating in a research note on Thursday, July 2nd. JPMorgan Chase & Co. lifted their target price on MGM Resorts International from $46.00 to $53.00 and gave the company an "overweight" rating in a report on Friday, June 12th. Barclays boosted their price target on MGM Resorts International from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, July 9th. Susquehanna upped their price target on MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research note on Monday, June 1st. Finally, Stifel Nicolaus restated a "hold" rating and issued a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $52.31.

MGM Resorts International Stock Up 1.4%

Shares of NYSE MGM opened at $45.61 on Friday. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.30 and a current ratio of 1.33. MGM Resorts International has a 1 year low of $29.18 and a 1 year high of $51.59. The stock's 50-day simple moving average is $45.61 and its 200-day simple moving average is $39.61. The firm has a market cap of $11.67 billion, a price-to-earnings ratio of 63.35 and a beta of 1.29.

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 net margin of 1.03% and a return on equity of 24.43%. The business had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.37 billion. During the same period in the prior year, the company posted $0.69 EPS. The company's revenue for the quarter was up 4.2% on a year-over-year basis. As a group, equities analysts anticipate that MGM Resorts International will post 1.98 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.38% of the company's stock.

MGM Resorts International 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.

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