Pacer Advisors Inc. Sells 316,475 Shares of MGM Resorts International $MGM

Key Points

• Pacer Advisors cut its MGM Resorts stake by 96.6% in the first quarter, selling 316,475 shares and retaining 11,294 shares worth approximately $418,000. Institutional investors collectively own 68.11% of the company.
• MGM reported quarterly earnings of $0.59 per share, exceeding estimates of $0.56, while revenue rose 2.2% year over year to $4.45 billion.
• Analyst sentiment remains positive, with the stock holding a “Moderate Buy” consensus rating and an average price target of $52.49; shares recently traded at $44.02.

Pacer Advisors Inc. reduced its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 96.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,294 shares of the company's stock after selling 316,475 shares during the period. Pacer Advisors Inc.'s holdings in MGM Resorts International were worth $418,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. CYBER HORNET ETFs LLC bought a new position in shares of MGM Resorts International in the 2nd quarter valued at about $25,000. Global Retirement Partners LLC raised its holdings in MGM Resorts International by 55.9% during the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock worth $29,000 after acquiring an additional 281 shares in the last quarter. International Assets Investment Management LLC bought a new stake in MGM Resorts International during the first quarter worth about $30,000. Optiver Holding B.V. acquired a new position in MGM Resorts International during the first quarter valued at approximately $35,000. Finally, Elyxium Wealth LLC acquired a new position in MGM Resorts International during the fourth quarter valued at approximately $42,000. 68.11% of the stock is owned by institutional investors.

Insider Buying and Selling

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.38% of the company's stock.

MGM Resorts International Trading Up 1.5%

MGM stock opened at $44.02 on Wednesday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30. The company has a fifty day moving average price of $46.61 and a two-hundred day moving average price of $40.51. MGM Resorts International has a one year low of $29.18 and a one year high of $51.59. The stock has a market cap of $11.07 billion, a price-to-earnings ratio of 26.68 and a beta of 1.31.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.03. The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company's revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.79 earnings per share. Equities analysts anticipate that MGM Resorts International will post 2.05 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on MGM. Susquehanna boosted their price target on MGM Resorts International from $52.00 to $53.00 and gave the stock a "positive" rating in a research report on Wednesday, July 29th. KeyCorp raised shares of MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 target price for the company in a research note on Monday, April 27th. HSBC raised shares of MGM Resorts International to a "strong-buy" rating in a research report on Thursday, July 30th. Truist Financial upgraded shares of MGM Resorts International from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $42.00 to $55.00 in a research note on Wednesday, May 27th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of MGM Resorts International in a research note on Thursday, July 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $52.49.

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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