Gabelli Funds LLC reduced its position in shares of MGM Resorts International (NYSE:MGM) by 8.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 869,995 shares of the company’s stock after selling 78,686 shares during the quarter. Gabelli Funds LLC owned approximately 0.15% of MGM Resorts International worth $29,049,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. Spirit of America Management Corp NY bought a new stake in MGM Resorts International during the 3rd quarter valued at $104,000. Sun Life Financial INC bought a new stake in MGM Resorts International during the 3rd quarter valued at $124,000. Cerebellum GP LLC bought a new stake in MGM Resorts International during the 4th quarter valued at $126,000. Northwestern Mutual Wealth Management Co. raised its holdings in MGM Resorts International by 88.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,945 shares of the company’s stock valued at $165,000 after buying an additional 2,318 shares during the last quarter. Finally, Toronto Dominion Bank raised its holdings in MGM Resorts International by 12.4% during the 2nd quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after buying an additional 624 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.
In related news, Director William A. Bible sold 6,128 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $33.23, for a total value of $203,633.44. Following the completion of the transaction, the director now directly owns 27,081 shares in the company, valued at approximately $899,901.63. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Phyllis James sold 19,149 shares of the stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $33.64, for a total transaction of $644,172.36. Following the completion of the transaction, the insider now owns 8,961 shares of the company’s stock, valued at $301,448.04. The disclosure for this sale can be found here. 12.20% of the stock is owned by company insiders.
MGM has been the subject of a number of recent analyst reports. Nomura lowered their price target on shares of MGM Resorts International from $38.00 to $37.00 and set a “buy” rating for the company in a report on Wednesday, November 1st. Roth Capital started coverage on shares of MGM Resorts International in a report on Wednesday, October 25th. They issued a “buy” rating and a $38.00 price objective for the company. Zacks Investment Research lowered shares of MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Jefferies Group started coverage on shares of MGM Resorts International in a report on Thursday, January 18th. They issued a “buy” rating and a $43.00 price objective for the company. Finally, JPMorgan Chase & Co. restated an “overweight” rating and issued a $44.00 price objective (up from $41.00) on shares of MGM Resorts International in a report on Tuesday, January 9th. Four investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. MGM Resorts International currently has an average rating of “Buy” and a consensus target price of $37.38.
Shares of MGM Resorts International (NYSE MGM) traded up $0.80 during trading on Wednesday, hitting $33.93. 8,309,631 shares of the company traded hands, compared to its average volume of 8,350,081. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.98 and a current ratio of 1.02. The company has a market cap of $18,795.79, a price-to-earnings ratio of 33.29, a price-to-earnings-growth ratio of 5.83 and a beta of 1.44. MGM Resorts International has a 52 week low of $25.15 and a 52 week high of $38.41.
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About MGM Resorts International
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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