Gotham Asset Management LLC Boosts Stock Holdings in MGM Resorts International (NYSE:MGM)

Gotham Asset Management LLC grew its stake in MGM Resorts International (NYSE:MGM - Free Report) by 140.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 175,046 shares of the company's stock after buying an additional 102,103 shares during the quarter. Gotham Asset Management LLC owned 0.06% of MGM Resorts International worth $6,065,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. TD Waterhouse Canada Inc. boosted its holdings in MGM Resorts International by 8.9% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock worth $111,000 after purchasing an additional 261 shares during the last quarter. Ballentine Partners LLC raised its position in MGM Resorts International by 5.4% during the fourth quarter. Ballentine Partners LLC now owns 6,553 shares of the company's stock worth $227,000 after acquiring an additional 333 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its position in MGM Resorts International by 1.7% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company's stock worth $684,000 after acquiring an additional 333 shares in the last quarter. Global Retirement Partners LLC raised its position in MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock worth $43,000 after acquiring an additional 404 shares in the last quarter. Finally, Assetmark Inc. raised its position in MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after acquiring an additional 411 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.

Insiders Place Their Bets

In other news, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares of the company's stock, valued at $692,509.84. This represents a 24.69% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,261 shares of company stock worth $1,788,007. 3.06% of the stock is currently owned by insiders.

MGM Resorts International Price Performance

Shares of MGM traded down $0.43 during mid-day trading on Friday, reaching $33.96. The company had a trading volume of 4,680,480 shares, compared to its average volume of 4,746,064. The company's 50 day simple moving average is $30.87 and its 200 day simple moving average is $33.82. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The company has a market capitalization of $9.24 billion, a price-to-earnings ratio of 14.15, a P/E/G ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data 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 analyst estimates of $4.29 billion. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The firm's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the business earned $0.74 EPS. Analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Capital One Financial upped their price target on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Macquarie dropped their price target on shares of MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Mizuho increased their price objective on shares of MGM Resorts International from $56.00 to $60.00 and gave the company an "outperform" rating in a research report on Thursday, February 13th. Truist Financial dropped 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 research report on Wednesday, April 23rd. Finally, Argus raised shares of MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price objective on the stock in a research report on Friday, February 14th. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $48.94.

MGM Resorts International Company 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.