Oppenheimer & Co. Inc. Sells 24,167 Shares of MGM Resorts International $MGM

Key Points

• Oppenheimer & Co. cut its MGM Resorts stake by 50.4% in the second quarter, selling 24,167 shares and retaining 23,790 shares valued at approximately $1.14 million.
• Institutional ownership remains substantial at 68.11%, with major investors including AQR Capital, Arrowstreet Capital and Davis Selected Advisers increasing their positions.
• Analysts maintain a consensus “Moderate Buy” rating with a $52.49 target price. MGM recently exceeded quarterly earnings and revenue estimates, reporting $0.59 in EPS and $4.45 billion in revenue.

Oppenheimer & Co. Inc. trimmed its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 50.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,790 shares of the company's stock after selling 24,167 shares during the period. Oppenheimer & Co. Inc.'s holdings in MGM Resorts International were worth $1,137,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake in MGM Resorts International by 202.5% in the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company's stock worth $292,772,000 after purchasing an additional 5,654,757 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of MGM Resorts International by 81.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company's stock valued at $264,874,000 after purchasing an additional 3,429,946 shares during the period. Davis Selected Advisers raised its stake in shares of MGM Resorts International by 12.0% in the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company's stock valued at $978,669,000 after purchasing an additional 2,866,750 shares during the period. Norges Bank bought a new stake in shares of MGM Resorts International in the fourth quarter valued at about $82,348,000. Finally, Samlyn Capital LLC bought a new stake in shares of MGM Resorts International in the third quarter valued at about $62,787,000. 68.11% of the stock is owned by institutional investors.

Insider Buying and Selling at MGM Resorts International

In related news, Director Daniel J. Taylor sold 6,675 shares of the business's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.38% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on MGM. Wells Fargo & Company upgraded MGM Resorts International from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $33.00 to $48.30 in a report on Tuesday, July 7th. JPMorgan Chase & Co. lifted their price objective on shares of MGM Resorts International from $46.00 to $53.00 and gave the company an "overweight" rating in a report on Friday, June 12th. The Goldman Sachs Group reissued a "sell" rating and issued a $43.00 price objective on shares of MGM Resorts International in a research report on Wednesday, July 15th. Stifel Nicolaus restated a "hold" rating and set a $49.00 target price (up from $48.00) on shares of MGM Resorts International in a report on Monday, June 15th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of MGM Resorts International in a research report on Thursday, July 2nd. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $52.49.

MGM Resorts International Stock Performance

Shares of NYSE MGM opened at $44.03 on Friday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34. The stock has a 50 day moving average price of $46.37 and a 200 day moving average price of $40.67. The stock has a market capitalization of $11.08 billion, a PE ratio of 26.69 and a beta of 1.31. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.03. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same quarter in the previous year, the firm earned $0.79 EPS. The business's quarterly revenue was up 2.2% on a year-over-year basis. Analysts predict that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

MGM Resorts International Company Profile

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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