MGM Resorts International (NYSE:MGM) Shares Sold by Key Colony Management LLC

Key Colony Management LLC cut its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 36.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 560,000 shares of the company's stock after selling 323,000 shares during the period. MGM Resorts International accounts for about 29.0% of Key Colony Management LLC's holdings, making the stock its 2nd biggest position. Key Colony Management LLC owned approximately 0.19% of MGM Resorts International worth $19,404,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Assenagon Asset Management S.A. raised its stake in MGM Resorts International by 80.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company's stock valued at $12,411,000 after acquiring an additional 159,522 shares during the last quarter. Dale Q Rice Investment Management Ltd acquired a new position in shares of MGM Resorts International in the fourth quarter valued at approximately $535,000. Miracle Mile Advisors LLC purchased a new stake in shares of MGM Resorts International during the fourth quarter worth approximately $2,010,000. Czech National Bank lifted its holdings in shares of MGM Resorts International by 4.3% during the fourth quarter. Czech National Bank now owns 49,063 shares of the company's stock worth $1,700,000 after purchasing an additional 2,043 shares during the period. Finally, Modus Advisors LLC purchased a new position in MGM Resorts International in the 4th quarter valued at $46,000. 68.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MGM has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft cut 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 report on Tuesday, October 1st. Morgan Stanley increased their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 22nd. Truist Financial lowered 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. Wells Fargo & Company cut their target price on 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. Finally, Jefferies Financial Group decreased their price target on MGM Resorts International from $52.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, January 3rd. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, MGM Resorts International currently has an average rating of "Moderate Buy" and an average price target of $51.93.

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 51,000 shares of the business's stock in a transaction on Friday, December 13th. The stock was 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 directly owns 5,687,478 shares of the company's stock, valued at $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 is available through the SEC website. 2.13% of the stock is owned by corporate insiders.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock traded down $0.06 on Wednesday, hitting $33.04. The company's stock had a trading volume of 5,044,764 shares, compared to its average volume of 5,024,852. The company has a market capitalization of $9.84 billion, a P/E ratio of 11.80, a price-to-earnings-growth ratio of 3.10 and a beta of 2.21. MGM Resorts International has a 52-week low of $31.61 and a 52-week high of $48.24. The firm has a fifty day moving average price of $35.83 and a 200-day moving average price of $38.28. 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 (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business had revenue of $4.18 billion during the quarter, compared to analysts' expectations of $4.21 billion. During the same period last year, the company earned $0.64 EPS. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities research analysts expect that MGM Resorts International will post 2.48 earnings per share for the current fiscal year.

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.