MGM Resorts International $MGM Shares Sold by Trexquant Investment LP

Key Points

• Trexquant Investment LP significantly reduced its stake in MGM Resorts International by 63.0%, selling 326,325 shares and leaving it with 191,312 shares valued at approximately $5.67 million.
• Multiple institutional investors have increased their stakes in MGM Resorts, with Vontobel Holding Ltd. raising its position by 74.6% during the first quarter.
• MGM Resorts reported excellent quarterly earnings, with $0.79 EPS surpassing expectations, and a revenue increase to $4.4 billion, reflecting a 1.8% year-over-year growth.

Trexquant Investment LP decreased its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 63.0% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 191,312 shares of the company's stock after selling 326,325 shares during the period. Trexquant Investment LP owned 0.07% of MGM Resorts International worth $5,670,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mascagni Wealth Management Inc. purchased a new stake in shares of MGM Resorts International in the 4th quarter valued at about $28,000. Golden State Wealth Management LLC grew its position in MGM Resorts International by 83.5% during the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after acquiring an additional 455 shares during the last quarter. CX Institutional bought a new position in MGM Resorts International during the 1st quarter worth approximately $36,000. Bayforest Capital Ltd bought a new stake in shares of MGM Resorts International in the 1st quarter worth approximately $43,000. Finally, UMB Bank n.a. grew its position in shares of MGM Resorts International by 91.0% in the 1st quarter. UMB Bank n.a. now owns 1,616 shares of the company's stock worth $48,000 after buying an additional 770 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

Analyst Upgrades and Downgrades

MGM has been the topic of several research reports. Barclays lifted their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a research note on Thursday, June 26th. UBS Group lifted their price objective on MGM Resorts International from $42.00 to $44.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. Seaport Res Ptn cut MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 21st. Finally, The Goldman Sachs Group began coverage on MGM Resorts International in a research note on Monday, July 7th. They issued a "sell" rating and a $34.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, MGM Resorts International currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.83.

MGM Resorts International Price Performance

MGM stock traded down $0.37 during trading on Friday, hitting $36.67. The stock had a trading volume of 4,909,587 shares, compared to its average volume of 3,610,142. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. The stock has a market capitalization of $9.98 billion, a P/E ratio of 20.15, a PEG ratio of 1.55 and a beta of 1.69. The company's 50-day moving average price is $37.18 and its two-hundred day moving average price is $33.74.

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

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the transaction, the director directly owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. This trade represents a 1.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.06% of the stock is owned by company insiders.

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.