Greenleaf Trust Decreases Position in MGM Resorts International $MGM

Greenleaf Trust trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 29.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,534 shares of the company’s stock after selling 3,128 shares during the period. Greenleaf Trust’s holdings in MGM Resorts International were worth $259,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MGM. Davis Selected Advisers lifted its stake in shares of MGM Resorts International by 4.5% in the 1st quarter. Davis Selected Advisers now owns 20,815,057 shares of the company’s stock valued at $616,958,000 after acquiring an additional 894,344 shares during the last quarter. Invesco Ltd. increased its stake in MGM Resorts International by 7.7% in the 1st quarter. Invesco Ltd. now owns 6,233,213 shares of the company’s stock worth $184,752,000 after purchasing an additional 447,870 shares during the period. Kingstone Capital Partners Texas LLC bought a new stake in MGM Resorts International in the second quarter valued at approximately $171,632,000. AQR Capital Management LLC boosted its stake in shares of MGM Resorts International by 104.2% during the first quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company’s stock valued at $75,962,000 after purchasing an additional 1,332,313 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of MGM Resorts International by 0.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,985,513 shares of the company’s stock worth $58,851,000 after purchasing an additional 5,407 shares during the last quarter. 68.11% of the stock is owned by institutional investors.

Insider Activity

In related news, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares of the company’s stock, valued at $1,138,538.52. This trade represents a 65.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Keith A. Meister sold 242,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the sale, the director owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is owned by company insiders.

MGM Resorts International Trading Down 2.4%

MGM opened at $33.93 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The stock has a market cap of $9.24 billion, a PE ratio of 18.64, a PEG ratio of 1.44 and a beta of 1.67. The business has a 50 day moving average of $36.26 and a 200-day moving average of $34.01.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.86 earnings per share. Equities research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Citigroup upgraded shares of MGM Resorts International from a “hold” rating to a “strong-buy” rating and upped their price target for the company from $55.00 to $57.00 in a report on Wednesday, July 9th. JPMorgan Chase & Co. started coverage on shares of MGM Resorts International in a research note on Monday, June 23rd. They set a “neutral” rating and a $38.00 price objective for the company. Truist Financial raised their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, July 16th. Morgan Stanley upped their price target on MGM Resorts International from $41.00 to $43.00 and gave the company an “equal weight” rating in a research report on Thursday, September 11th. Finally, UBS Group dropped their price objective on MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Thursday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and an average target price of $48.50.

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.