MGM Resorts International $MGM Shares Sold by Gamco Investors INC. ET AL

Key Points

• Gamco Investors INC. ET AL reduced its stake in MGM Resorts International by 2.8%, owning approximately 0.18% of the company after selling 13,585 shares.
• MGM's stock has seen varying analyst ratings, including an increase in price targets by UBS Group and Morgan Stanley, with an average target price of $48.72.
• The company reported earnings of $0.79 per share, outperforming analyst expectations, with a revenue of $4.40 billion for the most recent quarter.

Gamco Investors INC. ET AL cut its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 2.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 478,320 shares of the company's stock after selling 13,585 shares during the period. Gamco Investors INC. ET AL owned approximately 0.18% of MGM Resorts International worth $14,177,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in MGM. Mascagni Wealth Management Inc. acquired a new stake in MGM Resorts International in the 4th quarter valued at approximately $28,000. Golden State Wealth Management LLC lifted its stake in MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after purchasing an additional 455 shares in the last quarter. True Wealth Design LLC purchased a new position in shares of MGM Resorts International during the fourth quarter worth $33,000. CX Institutional acquired a new stake in shares of MGM Resorts International in the first quarter valued at $36,000. Finally, Bayforest Capital Ltd purchased a new stake in shares of MGM Resorts International in the 1st quarter valued at $43,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Up 0.4%

Shares of MGM stock traded up $0.14 on Friday, reaching $39.73. 2,985,837 shares of the stock were exchanged, compared to its average volume of 4,100,804. The company has a market capitalization of $10.82 billion, a price-to-earnings ratio of 21.83, a PEG ratio of 1.87 and a beta of 1.81. The business's 50 day moving average price is $36.76 and its 200 day moving average price is $33.79. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly 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 company had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.MGM Resorts International's quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the firm earned $0.86 earnings per share. As a group, sell-side analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction that occurred on 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 sale, the director 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.06% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MGM has been the topic of a number of recent research reports. Morgan Stanley boosted their price target on shares of MGM Resorts International from $38.00 to $41.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Susquehanna upped their target price on shares of MGM Resorts International from $50.00 to $60.00 and gave the stock a "positive" rating in a research note on Tuesday, July 29th. The Goldman Sachs Group began coverage on shares of MGM Resorts International in a research report on Monday, July 7th. They issued a "sell" rating and a $34.00 price target for the company. Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, JPMorgan Chase & Co. assumed coverage on MGM Resorts International in a research note on Monday, June 23rd. They issued a "neutral" rating and a $38.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, MGM Resorts International currently has an average rating of "Moderate Buy" and a consensus price target of $48.83.

About MGM Resorts International

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.