Hosking Partners LLP Sells 88,002 Shares of MGM Resorts International (NYSE:MGM)

Key Points

• Hosking Partners LLP has reduced its stake in MGM Resorts International by 10.4%, selling 88,002 shares, and now holds 761,532 shares valued at approximately $22.57 million.
• Insiders at MGM Resorts have been active, with Director Keith A. Meister selling 60,000 shares and COO Corey Ian Sanders selling 40,000 shares, indicating a decrease in their holdings.
• MGM Resorts recently reported a quarterly earnings per share (EPS) of $0.79, surpassing analysts' expectations of $0.58, with revenue of $4.4 billion.

Hosking Partners LLP decreased its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 10.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 761,532 shares of the company's stock after selling 88,002 shares during the period. Hosking Partners LLP owned approximately 0.28% of MGM Resorts International worth $22,572,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MGM. Envestnet Asset Management Inc. increased its stake in shares of MGM Resorts International by 12.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 446,822 shares of the company's stock valued at $15,482,000 after purchasing an additional 49,186 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of MGM Resorts International by 168.6% in the 4th quarter. Russell Investments Group Ltd. now owns 406,334 shares of the company's stock valued at $14,066,000 after purchasing an additional 255,072 shares during the last quarter. Cerity Partners LLC increased its stake in shares of MGM Resorts International by 56.3% in the 4th quarter. Cerity Partners LLC now owns 51,382 shares of the company's stock valued at $1,856,000 after purchasing an additional 18,501 shares during the last quarter. Invesco Ltd. boosted its stake in shares of MGM Resorts International by 22.5% during the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock valued at $200,462,000 after purchasing an additional 1,063,707 shares in the last quarter. Finally, Bank of Nova Scotia grew its holdings in shares of MGM Resorts International by 186.5% during the fourth quarter. Bank of Nova Scotia now owns 38,770 shares of the company's stock worth $1,343,000 after purchasing an additional 25,238 shares during the last quarter. Institutional investors own 68.11% of the company's stock.

Analysts Set New Price Targets

MGM has been the topic of several recent research reports. JPMorgan Chase & Co. initiated coverage on MGM Resorts International in a report on Monday, June 23rd. They set a "neutral" rating and a $38.00 target price on the stock. Truist Financial lifted their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Seaport Res Ptn downgraded MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 21st. Stifel Nicolaus boosted their price objective on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Citigroup raised MGM Resorts International from a "hold" rating to a "strong-buy" rating and boosted their price objective for the company from $55.00 to $57.00 in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, MGM Resorts International currently has an average rating of "Moderate Buy" and a consensus target price of $48.72.

MGM Resorts International Stock Performance

MGM Resorts International stock traded up $0.82 during trading on Wednesday, hitting $36.22. The stock had a trading volume of 1,720,049 shares, compared to its average volume of 5,392,817. The stock has a market cap of $9.86 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 1.62 and a beta of 1.81. The stock's 50 day moving average is $35.58 and its two-hundred day moving average is $33.49. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $42.53. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67.

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

MGM Resorts International announced that its board has authorized a stock repurchase plan on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 22.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the transaction, the director directly owned 5,627,478 shares in the company, valued at $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate 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.