Burney Co. Lowers Position in MGM Resorts International (NYSE:MGM)

Burney Co. decreased its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 45.3% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 16,326 shares of the company's stock after selling 13,506 shares during the period. Burney Co.'s holdings in MGM Resorts International were worth $566,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. MidAtlantic Capital Management Inc. purchased a new position in MGM Resorts International in the 3rd quarter worth $28,000. Eastern Bank purchased a new position in shares of MGM Resorts International in the third quarter worth about $35,000. Brooklyn Investment Group acquired a new stake in shares of MGM Resorts International during the third quarter worth about $44,000. Planning Capital Management Corp purchased a new stake in MGM Resorts International in the third quarter valued at approximately $45,000. Finally, Modus Advisors LLC acquired a new position in MGM Resorts International in the 4th quarter worth approximately $46,000. Institutional investors and hedge funds own 68.11% of the company's stock.

Insider Activity

In other news, Director Keith A. Meister sold 51,000 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the transaction, the director now owns 5,687,478 shares in the company, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.83% of the company's stock.

MGM Resorts International Stock Down 0.8 %

NYSE MGM traded down $0.28 on Friday, hitting $32.85. 4,589,790 shares of the stock were exchanged, compared to its average volume of 3,515,261. MGM Resorts International has a fifty-two week low of $31.61 and a fifty-two week high of $48.24. The company has a 50-day moving average price of $35.57 and a 200-day moving average price of $38.11. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The company has a market cap of $9.78 billion, a PE ratio of 11.73, a PEG ratio of 3.04 and a beta of 2.21.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the company earned $0.64 earnings per share. Sell-side analysts anticipate that MGM Resorts International will post 2.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MGM has been the subject of several research reports. Morgan Stanley lifted their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft lowered their price target on shares of MGM Resorts International from $57.00 to $52.00 and set a "buy" rating on the stock in a report on Tuesday, October 1st. Jefferies Financial Group decreased their price objective on MGM Resorts International from $52.00 to $50.00 and set a "buy" rating for the company in a report on Friday, January 3rd. Mizuho lowered their target price on MGM Resorts International from $57.00 to $56.00 and set an "outperform" rating on the stock in a research note on Thursday, October 31st. Finally, Truist Financial dropped their price objective on MGM Resorts International from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Tuesday. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of "Moderate Buy" and an average target price of $51.93.

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.