Exchange Traded Concepts LLC, an investment management company, recently reduced its stake in MGM Resorts International (NYSE:MGM) by 18.8% during the second quarter, according to a filing with the Securities and Exchange Commission. The firm sold 24,195 shares of MGM stock during the quarter, leaving them with a total of 104,571 shares. At the end of the most recent quarter, these shares were valued at approximately $4,593,000.
MGM Resorts International, a global entertainment company known for its resorts and casinos, released its quarterly earnings results on August 2nd. During this period, the company reported earnings per share (EPS) of $0.59 for the quarter, surpassing analysts’ consensus estimates of $0.53 by $0.06. The company’s revenue for the same period amounted to $3.94 billion compared to a consensus estimate of $3.82 billion.
Furthermore, MGM Resorts International exhibited a net margin of 2.53% and a return on equity of 2.10%. Notably, their revenue experienced a year-over-year increase of 20.7%. In the prior year’s corresponding period, the firm had earned an EPS of $0.03.
Sell-side analysts have estimated that MGM Resorts International will post an EPS of 2.36 for the current fiscal year.
This recent decrease in stake by Exchange Traded Concepts LLC reflects a shift in their investment strategy regarding MGM Resorts International’s stock.
It is worth noting that changes in institutional holdings can often impact a company’s stock price and investor sentiment towards it.
Investors and market participants should closely monitor such developments and keep up-to-date with relevant news surrounding companies they are investing in or considering as potential investments.
Additionally, investors should conduct thorough research and analysis before making any investment decisions to ensure they are well-informed about potential risks and rewards associated with their chosen investments.
This article serves as a factual report of recent developments and financial information surrounding MGM Resorts International. It is important to always conduct further research and consult with a professional financial advisor or broker before making any investment decisions.
Changing Hedge Fund Holdings and Mixed Analyst Ratings: Insights Into MGM Resorts International’s Future Performance
October 2, 2023
MGM Resorts International Sees Changes in Hedge Fund Holdings
In recent months, MGM Resorts International has witnessed a notable shift in the holdings of various hedge funds. Such activity can often provide valuable insights into investor sentiment and expectations for the company’s future performance.
ICA Group Wealth Management LLC, for instance, reported acquiring a new holdings position in MGM Resorts International during the fourth quarter of last year. The acquisition was valued at approximately $28,000. Similarly, James Investment Research Inc. purchased a new position in the company during the first quarter of this year, with a valuation of around $29,000.
Another firm that demonstrated growing interest in MGM Resorts International is VitalStone Financial LLC. During the same period as James Investment Research Inc., VitalStone Financial increased its position by an impressive 108.9%. As a result, it now owns 729 shares of the company’s stock with an estimated value of $33,000 after purchasing an additional 380 shares.
GPS Wealth Strategies Group LLC also entered the picture during the first quarter of this year by acquiring a new position worth $34,000. Finally, Register Financial Advisors LLC significantly expanded its stake by 136.2% during the first quarter as well. This move added another 455 shares to their portfolio, resulting in their current ownership of 789 shares valued at approximately $35,000.
It is worth noting that these institutional investors collectively own roughly 66.46%of MGM Resort International’s stock as per recent reports.
In conjunction with these changes in ownership stakes came analysis and commentary from research analysts specializing in financial markets and investment trends. Truist Financial recently raised its price target on MGM Resorts International from $58 to $60 while issuing a “buy” rating for potential investors to consider. On the other hand, Susquehanna lowered its target price from $51 to $48 and gave MGM Resort International a “neutral” rating.
Similarly, JMP Securities reaffirmed its “market outperform” rating and provided a price target of $60, whereas Barclays noted a reduction in their price target from $64 to $62 but maintained an “overweight” rating for the company. Lastly, StockNews.com downgraded MGM Resorts International from a “buy” rating to a “hold” rating.
Overall, Bloomberg.com has reported that the consensus among analysts is a “Moderate Buy” recommendation for MGM Resort International shares, with an average price target of $58.86.
In terms of recent insider trading activity, Director Daniel J. Taylor made significant sell orders on August 7th, disposing of 4,454 shares at an average price of $45.25 each and totaling $201,543.50. Likewise, insider John Mcmanus also performed a sale transaction on August 10th, involving 10,000 shares with an average price per share of $46.59 and resulting in revenue of $465,900.00.
It is worth mentioning that these transactions were fully disclosed in accordance with regulations set by the Securities and Exchange Commission (SEC), and details can be accessed through their official website.
On Monday morning’s trading session on October 2nd this year,MGM Resorts International stock opened at $36.76 per share.The company’s stock has experienced fluctuations reaching as high as $51.35 during the past year while also witnessing lows at $29.20 within the same timeframe.MGM Resorts International currently holds a market capitalization estimated at roughly $12.90 billion along with a P/E ratio of 35.69.With regards to its financial position,the company has recorded a beta value of 2.12.Based on its most recent data,a moving average calculated over fifty trading days stands at approximately$43.46,encompassing a two hundred trading days’average near$43.33.
In conclusion, MGM Resorts International recently experienced some noteworthy changes in its hedge fund holdings. As institutional investors adjust their positions, research analysts share mixed views regarding the stock’s potential and offer varying price targets. Additionally, insider trading activity has also been observed, highlighting selling activities by company directors and insiders. These recent developments provide valuable insights into the current status of MGM Resorts International and suggest potential opportunities or risks for investors to consider when forming their own investment strategies.