MGM Resorts International (NYSE:MGM) Stake Lowered by Shikiar Asset Management Inc.

Shikiar Asset Management Inc. reduced its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 17.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 180,725 shares of the company's stock after selling 37,165 shares during the period. MGM Resorts International accounts for about 1.6% of Shikiar Asset Management Inc.'s portfolio, making the stock its 24th largest holding. Shikiar Asset Management Inc. owned 0.06% of MGM Resorts International worth $5,357,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in MGM. Empowered Funds LLC boosted its holdings in shares of MGM Resorts International by 9.5% during the 4th quarter. Empowered Funds LLC now owns 23,651 shares of the company's stock worth $820,000 after purchasing an additional 2,043 shares during the last quarter. Kestra Private Wealth Services LLC lifted its stake in MGM Resorts International by 5.6% during the fourth quarter. Kestra Private Wealth Services LLC now owns 17,337 shares of the company's stock worth $601,000 after purchasing an additional 916 shares in the last quarter. V Square Quantitative Management LLC boosted its holdings in MGM Resorts International by 9.2% during the 4th quarter. V Square Quantitative Management LLC now owns 7,580 shares of the company's stock valued at $263,000 after acquiring an additional 641 shares during the period. Strategic Financial Concepts LLC acquired a new position in shares of MGM Resorts International in the fourth quarter worth $363,000. Finally, CIBC Asset Management Inc raised its position in MGM Resorts International by 2.9% in the 4th quarter. CIBC Asset Management Inc now owns 37,394 shares of the company's stock valued at $1,296,000 after purchasing an additional 1,044 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.

MGM Resorts International Stock Performance

Shares of NYSE:MGM traded up $2.56 during midday trading on Monday, hitting $34.29. The stock had a trading volume of 9,081,063 shares, compared to its average volume of 4,868,058. The company has a market capitalization of $9.33 billion, a PE ratio of 14.29, a P/E/G ratio of 0.98 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 stock has a 50 day moving average price of $31.50 and a two-hundred day moving average price of $33.02. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73.

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

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

Insider Buying and Selling

In other news, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction that occurred on 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 sale, the chief operating officer now owns 281,530 shares in the company, valued at $9,693,077.90. This trade represents a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 105,261 shares of company stock worth $3,486,367. 3.06% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MGM shares. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Morgan Stanley dropped their price target on shares of MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Truist Financial cut their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Susquehanna upped their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a report on Thursday, May 1st. Finally, JMP Securities cut their price target on shares of MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating on the stock in a research note on Thursday, April 17th. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of "Moderate Buy" and a consensus price target of $48.94.

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.