Factorial Partners LLC Trims Stock Position in MGM Resorts International $MGM

by · The Markets Daily

Factorial Partners LLC decreased its position in MGM Resorts International (NYSE:MGM – Free Report) by 25.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,000 shares of the company’s stock after selling 29,500 shares during the period. MGM Resorts International accounts for approximately 2.0% of Factorial Partners LLC’s investment portfolio, making the stock its 18th largest position. Factorial Partners LLC’s holdings in MGM Resorts International were worth $2,946,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Helikon Investments Ltd boosted its stake in MGM Resorts International by 379.9% during the second quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after buying an additional 6,974,347 shares during the period. Davis Selected Advisers raised its stake in shares of MGM Resorts International by 14.4% in the 2nd quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock valued at $819,208,000 after acquiring an additional 3,006,052 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of MGM Resorts International by 119.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 4,212,114 shares of the company’s stock worth $144,855,000 after acquiring an additional 2,293,797 shares during the last quarter. Norges Bank purchased a new position in shares of MGM Resorts International during the 2nd quarter worth approximately $60,570,000. Finally, Goldentree Asset Management LP boosted its position in shares of MGM Resorts International by 20.7% during the 2nd quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock worth $185,778,000 after purchasing an additional 924,810 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Trading Up 1.0%

NYSE MGM opened at $36.84 on Friday. The firm’s fifty day moving average price is $35.58 and its 200 day moving average price is $34.92. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $40.16. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.23 and a quick ratio of 1.20. The company has a market capitalization of $9.42 billion, a price-to-earnings ratio of 49.12 and a beta of 1.44.

MGM Resorts International (NYSE:MGM – Get Free Report) last posted its earnings results on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.96. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.During the same quarter in the previous year, the firm earned $0.45 earnings per share. On average, sell-side analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In other news, major shareholder Iac Inc. bought 1,098,748 shares of MGM Resorts International stock in a transaction dated Friday, December 5th. The stock was bought at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the purchase, the insider owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. The trade was a 1.70% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.06% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on MGM shares. Argus lowered their price objective on shares of MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, November 14th. Stifel Nicolaus increased their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Berenberg Bank restated a “buy” rating on shares of MGM Resorts International in a research note on Wednesday, February 11th. Capital One Financial cut their price objective on MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, December 5th. Finally, Zacks Research upgraded MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $41.94.

Get Our Latest Stock Analysis on MGM

MGM Resorts International Profile

(Free Report)

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

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