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

Goldentree Asset Management LP raised its position in MGM Resorts International (NYSE:MGM - Free Report) by 86.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,000,000 shares of the company's stock after acquiring an additional 1,390,599 shares during the quarter. MGM Resorts International makes up about 9.4% of Goldentree Asset Management LP's investment portfolio, making the stock its 2nd largest holding. Goldentree Asset Management LP owned 1.01% of MGM Resorts International worth $117,270,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MGM. Marshall Wace LLP increased its holdings in shares of MGM Resorts International by 174.8% during the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company's stock worth $49,330,000 after acquiring an additional 706,159 shares during the last quarter. Maverick Capital Ltd. acquired a new position in shares of MGM Resorts International in the second quarter valued at $1,211,000. Empower Advisory Group LLC raised its position in shares of MGM Resorts International by 4.2% in the third quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company's stock valued at $61,430,000 after purchasing an additional 62,997 shares during the period. Wedge Capital Management L L P NC acquired a new stake in shares of MGM Resorts International during the 2nd quarter worth about $3,314,000. Finally, Boston Partners boosted its holdings 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 buying an additional 684,676 shares during the period. Institutional investors own 68.11% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Truist Financial lowered their price target on shares of MGM Resorts International from $58.00 to $56.00 and set a "buy" rating on the stock in a report on Wednesday, October 23rd. 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. Wells Fargo & Company reduced their price target 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. Deutsche Bank Aktiengesellschaft decreased their price objective on MGM Resorts International from $57.00 to $52.00 and set a "buy" rating on the stock in a report on Tuesday, October 1st. Finally, UBS Group raised MGM Resorts International to a "hold" rating in a report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, MGM Resorts International presently has an average rating of "Moderate Buy" and a consensus price target of $52.85.

MGM Resorts International Price Performance

Shares of NYSE MGM traded up $0.97 during trading hours on Friday, hitting $38.34. 1,881,286 shares of the stock were exchanged, compared to its average volume of 4,078,368. The company's fifty day simple moving average is $38.70 and its two-hundred day simple moving average is $39.62. The company has a market cap of $11.42 billion, a PE ratio of 13.69, a price-to-earnings-growth ratio of 2.67 and a beta of 2.23. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing analysts' consensus estimates 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 analyst estimates of $4.21 billion. During the same period in the prior year, the business posted $0.64 EPS. The company's revenue for the quarter was up 5.3% compared to the same quarter last year. On average, sell-side analysts predict that MGM Resorts International will post 2.5 EPS for the current year.

Insider Activity at MGM Resorts International

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 directly owns 5,738,478 shares in the company, valued at $210,716,912.16. This represents a 2.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.13% of the stock is currently owned by 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.