MGM Resorts International $MGM Shares Sold by Whitebox Advisors LLC

Key Points

• Whitebox Advisors reduced its MGM Resorts stake by 34.7% in the first quarter, selling 99,181 shares and retaining 186,869 shares valued at approximately $6.9 million. Institutional investors and hedge funds collectively own 68.11% of MGM.
• Analyst sentiment improved, with several firms raising price targets and upgrading the stock to “buy.” However, the overall consensus remains “Hold,” with an average target price of $52.31.
• MGM reported quarterly revenue of $4.45 billion, up 4.2% year over year and above estimates, but earnings per share of $0.49 missed the $0.56 consensus forecast. The stock recently traded at $45.61, with a 52-week range of $29.18 to $51.59.

Whitebox Advisors LLC lowered its position in MGM Resorts International (NYSE:MGM - Free Report) by 34.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 186,869 shares of the company's stock after selling 99,181 shares during the quarter. Whitebox Advisors LLC owned about 0.07% of MGM Resorts International worth $6,916,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MGM. CYBER HORNET ETFs LLC acquired a new position in MGM Resorts International in the 2nd quarter valued at about $25,000. Global Retirement Partners LLC increased its holdings in shares of MGM Resorts International by 55.9% during the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock worth $29,000 after buying an additional 281 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of MGM Resorts International during the 1st quarter valued at approximately $30,000. Elyxium Wealth LLC acquired a new position in MGM Resorts International in the fourth quarter valued at approximately $42,000. Finally, City Holding Co. acquired a new position in MGM Resorts International in the fourth quarter valued at approximately $44,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on MGM shares. Susquehanna raised their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research note on Monday, June 1st. Deutsche Bank Aktiengesellschaft upped their price target on MGM Resorts International from $48.00 to $55.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Truist Financial upgraded MGM Resorts International from a "hold" rating to a "buy" rating and increased their price target for the stock from $42.00 to $55.00 in a report on Wednesday, May 27th. Capital One Financial raised their price objective on MGM Resorts International from $46.00 to $51.00 and gave the stock an "overweight" rating in a research report on Friday, April 17th. Finally, Stifel Nicolaus restated a "hold" rating and issued a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, MGM Resorts International currently has a consensus rating of "Hold" and a consensus target price of $52.31.

Insider Buying and Selling

In related news, Director Daniel J. Taylor sold 6,675 shares of the firm's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.38% of the stock is owned by company insiders.

MGM Resorts International Stock Up 0.2%

MGM Resorts International stock opened at $45.61 on Monday. The company has a market capitalization of $11.67 billion, a PE ratio of 63.35 and a beta of 1.29. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.30 and a current ratio of 1.33. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The firm has a 50 day moving average price of $45.61 and a 200 day moving average price of $39.64.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.37 billion. During the same quarter last year, the company earned $0.69 earnings per share. The firm's revenue for the quarter was up 4.2% on a year-over-year basis. Research analysts expect that MGM Resorts International will post 1.98 earnings per share for the current year.

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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