Peapack Gladstone Financial Corp Cuts Holdings in MGM Resorts International (NYSE:MGM)

Peapack Gladstone Financial Corp trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 2.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,224 shares of the company’s stock after selling 345 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in MGM Resorts International were worth $634,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. UMB Bank n.a. boosted its stake in MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after acquiring an additional 237 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in MGM Resorts International by 1.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock valued at $1,018,000 after acquiring an additional 278 shares in the last quarter. HB Wealth Management LLC boosted its stake in MGM Resorts International by 6.3% in the second quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock valued at $219,000 after acquiring an additional 293 shares in the last quarter. Quent Capital LLC lifted its stake in shares of MGM Resorts International by 14.6% during the third quarter. Quent Capital LLC now owns 2,383 shares of the company’s stock worth $93,000 after buying an additional 304 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of MGM Resorts International by 0.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,200 shares of the company’s stock worth $2,080,000 after buying an additional 309 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Stock Down 1.5 %

MGM stock opened at $36.25 on Monday. The stock has a market capitalization of $10.79 billion, a P/E ratio of 12.95, a P/E/G ratio of 3.16 and a beta of 2.20. The firm has a 50-day simple moving average of $38.37 and a 200-day simple moving average of $39.37. 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 52 week low of $33.44 and a 52 week high of $48.24.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The company 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 firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 EPS. Equities analysts forecast that MGM Resorts International will post 2.48 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MGM has been the subject of several research reports. Mizuho lowered their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Truist Financial lowered their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Barclays decreased their target price on shares of MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Wells Fargo & Company decreased their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average price target of $52.54.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 51,000 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the transaction, the director now directly owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.13% of the stock is currently owned by company insiders.

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.