LSV Asset Management Decreases Stake in MGM Resorts International $MGM

Key Points

• LSV Asset Management cut its MGM Resorts International stake by 5.5% in the fourth quarter, selling 154,000 shares and leaving it with 2.63 million shares worth about $96 million.
• Other institutional investors were mixed: Vanguard slightly increased its MGM position, while several smaller funds made much larger additions; overall, about 68.11% of MGM shares are held by hedge funds and institutions.
• Insider activity was split as well, with major shareholder Iac Inc. buying 450,000 shares, while Director Keith A. Meister sold 37,500 shares; analysts currently rate MGM a Hold on average with a $47.12 target price.

LSV Asset Management reduced its stake in MGM Resorts International (NYSE:MGM - Free Report) by 5.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,629,800 shares of the company's stock after selling 154,000 shares during the quarter. LSV Asset Management owned about 0.96% of MGM Resorts International worth $95,961,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of MGM. Vanguard Group Inc. increased its holdings in MGM Resorts International by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company's stock worth $817,175,000 after buying an additional 340,629 shares during the period. TD Asset Management Inc increased its holdings in MGM Resorts International by 146.9% in the 3rd quarter. TD Asset Management Inc now owns 92,957 shares of the company's stock worth $3,222,000 after buying an additional 55,300 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in MGM Resorts International by 109.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 129,115 shares of the company's stock worth $4,276,000 after buying an additional 67,542 shares during the period. Savant Capital LLC increased its holdings in MGM Resorts International by 100.0% in the 3rd quarter. Savant Capital LLC now owns 62,892 shares of the company's stock worth $2,180,000 after buying an additional 31,446 shares during the period. Finally, Thrivent Financial for Lutherans increased its holdings in MGM Resorts International by 423.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 42,594 shares of the company's stock worth $1,476,000 after buying an additional 34,463 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, major shareholder Iac Inc. acquired 450,000 shares of the company's stock in a transaction dated Tuesday, March 24th. The shares were acquired at an average price of $37.13 per share, with a total value of $16,708,500.00. Following the purchase, the insider directly owned 66,822,350 shares of the company's stock, valued at $2,481,113,855.50. This trade represents a 0.68% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Keith A. Meister sold 37,500 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the sale, the director directly owned 5,347,978 shares in the company, valued at $183,275,206.06. The trade was a 0.70% decrease in their position. The SEC filing for this sale provides additional information. 3.38% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MGM shares. Berenberg Bank reiterated a "buy" rating on shares of MGM Resorts International in a report on Wednesday, February 11th. Capital One Financial increased their price target on shares of MGM Resorts International from $46.00 to $51.00 and gave the stock an "overweight" rating in a report on Friday, April 17th. Wells Fargo & Company increased their price target on shares of MGM Resorts International from $30.00 to $33.00 and gave the stock an "underweight" rating in a report on Thursday, April 30th. Morgan Stanley increased their price target on shares of MGM Resorts International from $34.00 to $35.00 and gave the stock an "underweight" rating in a report on Wednesday, April 8th. Finally, Susquehanna cut their price target on shares of MGM Resorts International from $46.00 to $45.00 and set a "positive" rating on the stock in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, MGM Resorts International presently has an average rating of "Hold" and an average target price of $47.12.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $38.44 on Friday. The stock has a market capitalization of $9.84 billion, a price-to-earnings ratio of 53.39 and a beta of 1.28. MGM Resorts International has a 12 month low of $29.18 and a 12 month high of $40.94. The firm's 50 day simple moving average is $37.55 and its 200-day simple moving average is $35.93. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.MGM Resorts International's revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.69 EPS. Analysts expect that MGM Resorts International will post 1.99 EPS for the current year.

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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