MGM Resorts International (NYSE:MGM) Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. cut its stake in MGM Resorts International (NYSE:MGM - Free Report) by 15.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 74,330 shares of the company's stock after selling 13,103 shares during the quarter. QRG Capital Management Inc.'s holdings in MGM Resorts International were worth $2,203,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in MGM Resorts International in the fourth quarter valued at about $88,033,000. Eminence Capital LP bought a new stake in shares of MGM Resorts International in the 4th quarter valued at about $72,408,000. AQR Capital Management LLC grew its position in shares of MGM Resorts International by 12,726.8% in the 4th quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company's stock worth $44,316,000 after buying an additional 1,268,994 shares during the last quarter. Marshall Wace LLP raised its stake in shares of MGM Resorts International by 50.9% during the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock worth $112,048,000 after acquiring an additional 1,090,533 shares in the last quarter. Finally, Invesco Ltd. lifted its position in MGM Resorts International by 22.5% during the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock valued at $200,462,000 after acquiring an additional 1,063,707 shares during the last quarter. 68.11% of the stock is owned by institutional investors.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director now owns 5,627,478 shares of the company's stock, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the sale, the chief operating officer now owns 281,530 shares of the company's stock, 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. In the last 90 days, insiders have sold 105,261 shares of company stock worth $3,486,367. Corporate insiders own 3.06% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MGM shares. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Barclays boosted their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. JMP Securities reduced their target price on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a research note on Thursday, April 17th. Stifel Nicolaus lowered their price target on MGM Resorts International from $50.00 to $44.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Finally, Truist Financial cut 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. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.94.

MGM Resorts International Price Performance

MGM Resorts International stock traded down $0.16 during midday trading on Friday, reaching $33.78. The company had a trading volume of 11,128,278 shares, compared to its average volume of 4,912,071. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $47.26. The company has a market capitalization of $9.19 billion, a P/E ratio of 15.08, a P/E/G ratio of 2.34 and a beta of 1.76. The firm's fifty day simple moving average is $31.93 and its 200-day simple moving average is $32.97.

MGM Resorts International (NYSE:MGM - Get Free Report) last released 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. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter last year, the business posted $0.74 earnings per share. The business's quarterly revenue was down 2.4% compared to the same quarter last year. As a group, equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

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

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.