MGM Resorts International (NYSE:MGM) Stake Lowered by Lindbrook Capital LLC

Posted by Defense World Staff on Apr 7th, 2023

Lindbrook Capital LLC trimmed its position in shares of MGM Resorts International (NYSE:MGM – Get Rating) by 9.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,787 shares of the company’s stock after selling 277 shares during the period. Lindbrook Capital LLC’s holdings in MGM Resorts International were worth $93,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its stake in shares of MGM Resorts International by 19.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 20,424,636 shares of the company’s stock worth $591,293,000 after purchasing an additional 3,322,373 shares in the last quarter. Invesco Ltd. lifted its stake in MGM Resorts International by 8.6% in the first quarter. Invesco Ltd. now owns 4,018,367 shares of the company’s stock valued at $168,530,000 after acquiring an additional 317,622 shares during the last quarter. TD Asset Management Inc. grew its position in MGM Resorts International by 6.7% in the third quarter. TD Asset Management Inc. now owns 1,484,656 shares of the company’s stock worth $44,525,000 after acquiring an additional 92,854 shares in the last quarter. Barclays PLC increased its stake in shares of MGM Resorts International by 11.8% during the 3rd quarter. Barclays PLC now owns 1,367,352 shares of the company’s stock worth $40,640,000 after purchasing an additional 143,825 shares during the last quarter. Finally, Clearbridge Investments LLC raised its holdings in shares of MGM Resorts International by 3.2% during the 1st quarter. Clearbridge Investments LLC now owns 1,169,369 shares of the company’s stock valued at $49,043,000 after purchasing an additional 36,736 shares in the last quarter. Institutional investors and hedge funds own 82.77% of the company’s stock.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 50,000 shares of the business’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $44.42, for a total value of $2,221,000.00. Following the transaction, the chief operating officer now directly owns 161,632 shares in the company, valued at $7,179,693.44. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other MGM Resorts International news, Director Rose Mckinney-James sold 2,870 shares of the business’s stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $43.23, for a total value of $124,070.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Corey Ian Sanders sold 50,000 shares of the firm’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $44.42, for a total value of $2,221,000.00. Following the completion of the sale, the chief operating officer now owns 161,632 shares of the company’s stock, valued at $7,179,693.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 402,870 shares of company stock valued at $17,109,070. 2.13% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on MGM shares. Stifel Nicolaus upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and upped their price objective for the stock from $42.00 to $46.00 in a report on Friday, January 6th. Wells Fargo & Company raised their price objective on MGM Resorts International from $53.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, January 25th. Morgan Stanley boosted their target price on MGM Resorts International from $40.00 to $43.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 1st. JMP Securities increased their price target on MGM Resorts International from $56.00 to $60.00 and gave the company a “market outperform” rating in a report on Thursday, February 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of MGM Resorts International from $49.00 to $53.00 in a research note on Thursday, February 9th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $52.71.

MGM Resorts International Trading Down 0.5 %

MGM stock opened at $42.98 on Friday. MGM Resorts International has a 1-year low of $26.41 and a 1-year high of $46.24. The company has a current ratio of 1.81, a quick ratio of 1.78 and a debt-to-equity ratio of 1.43. The business’s 50 day moving average is $42.87 and its 200-day moving average is $37.72. The firm has a market cap of $16.03 billion, a P/E ratio of 12.72 and a beta of 2.06.

MGM Resorts International (NYSE:MGM – Get Rating) last announced its quarterly earnings results on Wednesday, February 8th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of ($1.60) by $2.29. The firm had revenue of $3.59 billion for the quarter, compared to analysts’ expectations of $3.35 billion. MGM Resorts International had a negative return on equity of 3.26% and a net margin of 11.22%. Equities analysts anticipate that MGM Resorts International will post 0.53 earnings per share for the current fiscal year.

MGM Resorts International declared that its Board of Directors has authorized a share buyback program on Wednesday, February 8th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 12.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

MGM Resorts International Profile

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MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.