Man Group plc Has $1.24 Million Holdings in MGM Resorts International (NYSE:MGM)

Man Group plc trimmed its stake in MGM Resorts International (NYSE:MGM - Free Report) by 96.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 35,734 shares of the company's stock after selling 998,020 shares during the quarter. Man Group plc's holdings in MGM Resorts International were worth $1,238,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Davis Selected Advisers grew its stake in MGM Resorts International by 4.6% during the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after buying an additional 882,417 shares during the period. Invesco Ltd. grew its stake in MGM Resorts International by 22.5% during the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock worth $200,462,000 after buying an additional 1,063,707 shares during the period. Marshall Wace LLP grew its stake in MGM Resorts International by 50.9% during the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock worth $112,048,000 after buying an additional 1,090,533 shares during the period. Norges Bank purchased a new position in shares of MGM Resorts International in the fourth quarter valued at $88,033,000. Finally, Northern Trust Corp boosted its stake in shares of MGM Resorts International by 15.1% in the fourth quarter. Northern Trust Corp now owns 2,315,748 shares of the company's stock valued at $80,241,000 after purchasing an additional 303,711 shares during the period. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Stock Performance

Shares of MGM traded down $0.03 during midday trading on Thursday, hitting $31.77. 797,804 shares of the stock traded hands, compared to its average volume of 4,750,076. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The firm has a market capitalization of $8.65 billion, a PE ratio of 13.23, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The business's 50 day moving average price is $30.91 and its two-hundred day moving average price is $33.52.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the previous year, the company posted $0.74 earnings per share. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. Equities research analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 22.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Jonathan S. Halkyard acquired 10,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $32.17 per share, with a total value of $321,700.00. Following the completion of the acquisition, the chief financial officer now directly owns 75,648 shares of the company's stock, valued at $2,433,596.16. This trade represents a 15.23% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of the business's stock in a transaction dated 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 completion of the sale, the chief operating officer now owns 281,530 shares in the company, valued at approximately $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. Corporate insiders own 3.06% of the company's stock.

Analyst Ratings Changes

MGM has been the subject of several analyst reports. Argus upgraded shares of MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research note on Friday, February 14th. Needham & Company LLC restated a "buy" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Wedbush restated an "outperform" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. BTIG Research downgraded shares of MGM Resorts International from a "buy" rating to a "neutral" rating in a research note on Monday, February 3rd. Finally, Truist Financial cut their price target on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $48.94.

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.