MGM Resorts International $MGM Shares Sold by Helikon Investments Ltd

Key Points

• Helikon Investments cut its stake in MGM Resorts International by 14.3% in the fourth quarter, selling 497,488 shares and leaving it with 2,988,773 shares worth about $109.1 million.
• Institutional ownership remains high, with hedge funds and other institutions holding 68.11% of MGM’s shares; several funds increased their positions during the period.
• MGM recently missed earnings expectations, reporting $0.49 EPS versus $0.56 expected, though revenue of $4.45 billion topped estimates and rose 4.2% year over year.

Helikon Investments Ltd decreased its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 14.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,988,773 shares of the company's stock after selling 497,488 shares during the period. MGM Resorts International makes up approximately 5.8% of Helikon Investments Ltd's investment portfolio, making the stock its 5th largest position. Helikon Investments Ltd owned about 1.09% of MGM Resorts International worth $109,060,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of MGM Resorts International by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company's stock valued at $582,000 after purchasing an additional 951 shares during the period. NewEdge Advisors LLC boosted its holdings in MGM Resorts International by 12.1% in the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company's stock valued at $115,000 after purchasing an additional 421 shares during the last quarter. Woodline Partners LP grew its stake in shares of MGM Resorts International by 39.1% in the 1st quarter. Woodline Partners LP now owns 18,901 shares of the company's stock valued at $560,000 after buying an additional 5,312 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of MGM Resorts International by 57.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company's stock valued at $112,000 after buying an additional 1,182 shares during the period. Finally, Jump Financial LLC increased its holdings in shares of MGM Resorts International by 221.9% during the 2nd quarter. Jump Financial LLC now owns 26,782 shares of the company's stock worth $921,000 after buying an additional 18,463 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

MGM Resorts International Trading Up 0.3%

Shares of NYSE MGM opened at $36.93 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93. The stock has a market capitalization of $9.45 billion, a PE ratio of 51.30 and a beta of 1.28. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $40.94. The stock has a fifty day simple moving average of $37.43 and a 200-day simple moving average of $35.74.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate 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 was up 4.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.69 EPS. On average, equities analysts forecast that MGM Resorts International will post 1.99 earnings per share for the current year.

Insider Activity

In related news, Director Keith A. Meister sold 37,500 shares of the company's stock in a transaction that occurred on Monday, March 9th. The shares were 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 approximately $183,275,206.06. This represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Iac Inc. acquired 450,000 shares of the company's stock in a transaction on Tuesday, March 24th. The stock was purchased at an average cost of $37.13 per share, for a total transaction of $16,708,500.00. Following the completion of the transaction, the insider owned 66,822,350 shares in the company, valued at approximately $2,481,113,855.50. The trade was a 0.68% increase in their position. The SEC filing for this purchase provides additional information. 3.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Wells Fargo & Company upped their price objective on MGM Resorts International from $30.00 to $33.00 and gave the company an "underweight" rating in a report on Thursday, April 30th. UBS Group reduced their target price on MGM Resorts International from $40.00 to $39.00 and set a "neutral" rating on the stock in a research report on Friday, April 10th. Susquehanna decreased their price target on MGM Resorts International from $46.00 to $45.00 and set a "positive" rating on the stock in a research note on Friday, February 6th. Morgan Stanley increased their price target on MGM Resorts International from $34.00 to $35.00 and gave the stock an "underweight" rating in a report on Wednesday, April 8th. Finally, Citigroup cut their price objective on MGM Resorts International from $41.00 to $40.00 and set a "neutral" rating for the company in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of "Hold" and an average target price of $47.12.

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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