LSV Asset Management Sells 84,427 Shares of MGM Resorts International (NYSE:MGM)

Key Points

• LSV Asset Management has decreased its stake in MGM Resorts International by 3.0%, selling 84,427 shares, leaving it with 2,746,573 shares valued at approximately $81.4 million.
• MGM Resorts reported $0.79 earnings per share for the last quarter, surpassing analyst expectations of $0.58, and achieved revenue of $4.40 billion, exceeding the forecast of $4.28 billion.
• The board of MGM Resorts has initiated a $2 billion stock buyback plan, indicating confidence in the company’s stock valuation and financial health.

LSV Asset Management lessened its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 3.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,746,573 shares of the company's stock after selling 84,427 shares during the period. LSV Asset Management owned 1.01% of MGM Resorts International worth $81,408,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MGM. ArrowMark Colorado Holdings LLC raised its holdings in MGM Resorts International by 42.8% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock worth $32,473,000 after buying an additional 280,700 shares during the last quarter. Vontobel Holding Ltd. raised its holdings in MGM Resorts International by 74.6% during the first quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company's stock worth $646,000 after buying an additional 9,304 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of MGM Resorts International by 60.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock worth $1,830,000 after acquiring an additional 23,234 shares in the last quarter. Aviva PLC grew its stake in shares of MGM Resorts International by 1,243.5% in the 4th quarter. Aviva PLC now owns 137,912 shares of the company's stock worth $4,779,000 after acquiring an additional 127,647 shares in the last quarter. Finally, Achmea Investment Management B.V. grew its stake in shares of MGM Resorts International by 46.3% in the 1st quarter. Achmea Investment Management B.V. now owns 35,227 shares of the company's stock worth $1,045,000 after acquiring an additional 11,152 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on MGM. Stifel Nicolaus upped their target price on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Truist Financial increased their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Susquehanna increased their price target on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a "positive" rating in a research report on Tuesday, July 29th. JPMorgan Chase & Co. began coverage on shares of MGM Resorts International in a research report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price target for the company. Finally, Morgan Stanley restated a "sell" rating on shares of MGM Resorts International in a research report on Friday, July 11th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of "Moderate Buy" and an average price target of $48.56.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total transaction of $183,766.73. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the transaction, the chief operating officer directly owned 281,530 shares in the company, valued at $9,693,077.90. This trade represents a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock valued at $3,486,367 over the last three months. 3.06% of the stock is owned by corporate insiders.

MGM Resorts International Price Performance

MGM traded down $1.13 on Tuesday, reaching $34.38. The company had a trading volume of 1,095,278 shares, compared to its average volume of 5,439,710. The business has a 50 day simple moving average of $35.21 and a 200 day simple moving average of $33.42. The company has a market cap of $9.36 billion, a price-to-earnings ratio of 18.91, a P/E/G ratio of 2.15 and a beta of 1.81. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53.

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

MGM Resorts International declared that its board has approved a stock repurchase program on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 22.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

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.