Goldentree Asset Management LP Acquires 1,390,599 Shares of MGM Resorts International (NYSE:MGM)

Goldentree Asset Management LP lifted its holdings in shares of MGM Resorts International (NYSE:MGM) by 86.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,000,000 shares of the company’s stock after purchasing an additional 1,390,599 shares during the period. MGM Resorts International accounts for about 9.4% of Goldentree Asset Management LP’s investment portfolio, making the stock its 2nd biggest holding. Goldentree Asset Management LP’s holdings in MGM Resorts International were worth $117,270,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Marshall Wace LLP lifted its stake in shares of MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after purchasing an additional 706,159 shares during the period. Boston Partners boosted its stake in shares of MGM Resorts International by 12.6% during the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after acquiring an additional 684,676 shares in the last quarter. LSV Asset Management acquired a new stake in shares of MGM Resorts International in the 2nd quarter worth approximately $21,149,000. Shellback Capital LP grew its holdings in shares of MGM Resorts International by 433.3% in the 2nd quarter. Shellback Capital LP now owns 400,000 shares of the company’s stock worth $17,776,000 after acquiring an additional 325,000 shares during the period. Finally, American Assets Capital Advisers LLC increased its stake in MGM Resorts International by 135.0% in the 3rd quarter. American Assets Capital Advisers LLC now owns 469,552 shares of the company’s stock valued at $18,355,000 after purchasing an additional 269,761 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. This represents a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.13% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on MGM. Stifel Nicolaus boosted their target price on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Macquarie lowered their price objective on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Barclays dropped their target price on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. UBS Group raised shares of MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Finally, Wells Fargo & Company dropped their price objective on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.85.

MGM Resorts International Trading Down 0.5 %

Shares of MGM Resorts International stock opened at $37.37 on Friday. The firm has a market cap of $11.13 billion, a PE ratio of 13.35, a P/E/G ratio of 2.67 and a beta of 2.23. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The business’s fifty day moving average is $38.68 and its two-hundred day moving average is $39.63.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). The business had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.64 earnings per share. Analysts anticipate that MGM Resorts International will post 2.5 earnings per share for the current year.

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.