QRG Capital Management Inc. Sells 13,103 Shares of MGM Resorts International (NYSE:MGM)

QRG Capital Management Inc. reduced its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 15.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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.

A number of other hedge funds and other institutional investors have also modified their holdings of MGM. Davis Selected Advisers lifted its position in MGM Resorts International by 4.6% during the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock valued at $690,253,000 after purchasing an additional 882,417 shares during the period. Invesco Ltd. lifted its holdings in MGM Resorts International by 22.5% in the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock valued at $200,462,000 after buying an additional 1,063,707 shares during the period. Marshall Wace LLP lifted its holdings in MGM Resorts International by 50.9% in the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock valued at $112,048,000 after buying an additional 1,090,533 shares during the period. Norges Bank bought a new position in MGM Resorts International in the fourth quarter valued at approximately $88,033,000. Finally, Southeastern Asset Management Inc. TN grew its holdings in MGM Resorts International by 9.6% during the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company's stock worth $83,477,000 after acquiring an additional 211,245 shares during the period. Institutional investors and hedge funds own 68.11% of the company's stock.

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 5,261 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of the business's 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 directly owns 281,530 shares of the company's stock, valued at $9,693,077.90. This represents a 12.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,261 shares of company stock valued at $3,486,367 in the last quarter. 3.06% of the stock is currently owned by insiders.

MGM Resorts International Stock Down 1.4%

Shares of NYSE:MGM traded down $0.47 during midday trading on Monday, reaching $33.30. The company had a trading volume of 6,023,556 shares, compared to its average volume of 4,905,510. The stock has a market cap of $9.06 billion, a PE ratio of 14.87, a P/E/G ratio of 2.33 and a beta of 1.76. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The business's 50 day moving average price is $32.09 and its 200 day moving average price is $32.86. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same period in the previous year, the business earned $0.74 EPS. MGM Resorts International's revenue for the quarter was down 2.4% compared to the same quarter last year. Research analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its Board of Directors has initiated a share buyback program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. initiated coverage on MGM Resorts International in a research report on Monday. They issued a "neutral" rating and a $38.00 price target on the stock. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Macquarie lowered their price target on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Barclays lifted their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Finally, Truist Financial lowered their target price on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Six investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.29.

MGM Resorts International Profile

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.