Gerber Kawasaki Wealth & Investment Management Has $15.57 Million Holdings in MGM Resorts International (NYSE:MGM)

Gerber Kawasaki Wealth & Investment Management cut its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 26.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 449,416 shares of the company's stock after selling 158,551 shares during the period. Gerber Kawasaki Wealth & Investment Management owned approximately 0.15% of MGM Resorts International worth $15,572,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its stake in MGM Resorts International by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company's stock worth $79,110,000 after purchasing an additional 38,749 shares in the last quarter. Korea Investment CORP increased its stake in MGM Resorts International by 964.3% in the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company's stock worth $5,034,000 after purchasing an additional 131,636 shares in the last quarter. ACR Alpine Capital Research LLC boosted its position in MGM Resorts International by 23.3% during the 4th quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company's stock worth $5,613,000 after acquiring an additional 30,605 shares during the period. Davis Selected Advisers boosted its position in MGM Resorts International by 4.6% during the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after acquiring an additional 882,417 shares during the period. Finally, Miracle Mile Advisors LLC acquired a new stake in MGM Resorts International during the 4th quarter worth about $2,010,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares of the company's stock, valued at $692,509.84. This trade represents a 24.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the acquisition, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. The trade was a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MGM shares. Barclays reduced their price target on MGM Resorts International from $47.00 to $41.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. BTIG Research lowered MGM Resorts International from a "buy" rating to a "neutral" rating in a report on Monday, February 3rd. JMP Securities reduced their price target on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a report on Thursday, April 17th. Citigroup lifted their price target on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Finally, Wells Fargo & Company lifted their price target on MGM Resorts International from $44.00 to $46.00 and gave the company an "overweight" rating in a report on Thursday, February 13th. Five analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $50.06.

MGM Resorts International Stock Performance

NYSE MGM traded down $0.44 during trading on Tuesday, hitting $31.77. The company's stock had a trading volume of 4,491,799 shares, compared to its average volume of 4,677,983. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The firm has a 50 day moving average price of $31.08 and a 200 day moving average price of $34.46. The firm has a market cap of $8.99 billion, a P/E ratio of 13.24, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. Equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal 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.