Nuveen Asset Management LLC Trims Stock Position in MGM Resorts International (NYSE:MGM)

Nuveen Asset Management LLC lowered its position in MGM Resorts International (NYSE:MGM - Free Report) by 21.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,159,425 shares of the company's stock after selling 308,856 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.39% of MGM Resorts International worth $40,174,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC acquired a new stake in shares of MGM Resorts International during the fourth quarter worth $28,000. Assetmark Inc. lifted its holdings in shares of MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after purchasing an additional 411 shares during the period. Global Retirement Partners LLC lifted its holdings in shares of MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock worth $43,000 after purchasing an additional 404 shares during the period. Quarry LP lifted its holdings in shares of MGM Resorts International by 750.6% during the fourth quarter. Quarry LP now owns 1,446 shares of the company's stock worth $50,000 after purchasing an additional 1,276 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of MGM Resorts International by 74.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company's stock worth $51,000 after purchasing an additional 633 shares during the period. Hedge funds and other institutional investors own 68.11% of the company's stock.

MGM Resorts International Price Performance

MGM Resorts International stock traded up $0.02 during trading hours on Friday, hitting $31.37. The stock had a trading volume of 2,979,621 shares, compared to its average volume of 4,763,189. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. The stock has a market capitalization of $8.54 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 0.98 and a beta of 1.78. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The stock's fifty day moving average is $30.94 and its two-hundred day moving average is $33.63.

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

MGM Resorts International announced that its board has approved a share repurchase plan on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 22.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. BTIG Research downgraded MGM Resorts International from a "buy" rating to a "neutral" rating in a report on Monday, February 3rd. Macquarie dropped their price objective on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Truist Financial dropped their price objective on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Needham & Company LLC reaffirmed a "buy" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Susquehanna Bancshares upped their price objective on MGM Resorts International from $53.00 to $56.00 in a report on Wednesday, February 12th. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $48.94.

Insider Activity at MGM Resorts International

In related news, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer now directly owns 281,530 shares in the company, valued at approximately $9,693,077.90. The trade was a 12.44% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company's stock.

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.