Oppenheimer Asset Management Inc. Decreases Stake in MGM Resorts International (NYSE:MGM)

Oppenheimer Asset Management Inc. decreased its position in MGM Resorts International (NYSE:MGM) by 11.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,468 shares of the company’s stock after selling 2,613 shares during the period. Oppenheimer Asset Management Inc.’s holdings in MGM Resorts International were worth $675,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Checchi Capital Advisers LLC increased its stake in shares of MGM Resorts International by 43.7% during the 4th quarter. Checchi Capital Advisers LLC now owns 8,189 shares of the company’s stock worth $284,000 after purchasing an additional 2,492 shares during the last quarter. Illinois Municipal Retirement Fund increased its stake in shares of MGM Resorts International by 60.2% during the 4th quarter. Illinois Municipal Retirement Fund now owns 98,833 shares of the company’s stock worth $3,425,000 after purchasing an additional 37,146 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of MGM Resorts International by 3.3% during the 4th quarter. Bank of New York Mellon Corp now owns 1,323,992 shares of the company’s stock worth $45,876,000 after purchasing an additional 42,256 shares during the last quarter. IFP Advisors Inc increased its stake in shares of MGM Resorts International by 17.0% during the 4th quarter. IFP Advisors Inc now owns 4,824 shares of the company’s stock worth $167,000 after purchasing an additional 702 shares during the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new stake in shares of MGM Resorts International during the 4th quarter worth approximately $175,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Activity

In related news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Keith A. Meister sold 51,000 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.83% of the company’s stock.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $32.84 on Thursday. The stock has a market cap of $9.38 billion, a PE ratio of 13.68, a PEG ratio of 0.98 and a beta of 2.18. The company’s fifty day moving average is $34.56 and its 200 day moving average is $36.64. MGM Resorts International has a 52 week low of $31.60 and a 52 week high of $48.24. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. Research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

Wall Street Analyst Weigh In

MGM has been the subject of several research analyst reports. Susquehanna Bancshares raised their price target on shares of MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Needham & Company LLC restated a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Truist Financial cut their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Finally, Jefferies Financial Group cut their price objective on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.29.

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.