MGM Resorts International (NYSE:MGM) Shares Sold by State Street Corp

State Street Corp reduced its stake in MGM Resorts International (NYSE:MGM - Free Report) by 5.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 9,361,133 shares of the company's stock after selling 492,923 shares during the quarter. State Street Corp owned 3.14% of MGM Resorts International worth $365,927,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in MGM. Shikiar Asset Management Inc. boosted its position in shares of MGM Resorts International by 15.4% during the second quarter. Shikiar Asset Management Inc. now owns 219,025 shares of the company's stock worth $9,733,000 after buying an additional 29,150 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in shares of MGM Resorts International by 1.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company's stock worth $1,018,000 after purchasing an additional 278 shares in the last quarter. SteelPeak Wealth LLC purchased a new position in shares of MGM Resorts International in the second quarter valued at approximately $452,000. Wedge Capital Management L L P NC purchased a new stake in MGM Resorts International during the 2nd quarter worth approximately $3,314,000. Finally, Welch Group LLC acquired a new stake in MGM Resorts International during the 2nd quarter worth approximately $211,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the firm's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the sale, the director now directly owns 5,738,478 shares of the company's stock, valued at approximately $210,716,912.16. This trade represents a 2.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.13% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MGM. Barclays reduced their price objective on MGM Resorts International from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, October 31st. Wells Fargo & Company lowered their price objective on 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. JMP Securities reduced their target price on shares of MGM Resorts International from $54.00 to $50.00 and set a "market outperform" rating on the stock in a report on Monday, November 25th. Truist Financial lowered their price target on shares of MGM Resorts International from $58.00 to $56.00 and set a "buy" rating for the company in a report on Wednesday, October 23rd. Finally, Morgan Stanley raised 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 report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, MGM Resorts International presently has an average rating of "Moderate Buy" and an average price target of $52.85.

MGM Resorts International Price Performance

MGM stock traded down $0.08 during midday trading on Tuesday, hitting $36.52. 3,351,561 shares of the stock were exchanged, compared to its average volume of 4,072,739. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The stock has a market cap of $10.87 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 3.13 and a beta of 2.20. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The stock's 50-day moving average price is $38.60 and its 200-day moving average price is $39.45.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data 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). The business 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 company's revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the business earned $0.64 earnings per share. Research analysts predict that MGM Resorts International will post 2.48 earnings per share for the current 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.