Allspring Global Investments Holdings LLC Sells 895 Shares of MGM Resorts International (NYSE:MGM)

Allspring Global Investments Holdings LLC cut its stake in shares of MGM Resorts International (NYSE:MGM) by 7.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,921 shares of the company’s stock after selling 895 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in MGM Resorts International were worth $368,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Essex Financial Services Inc. lifted its holdings in shares of MGM Resorts International by 22.0% during the 4th quarter. Essex Financial Services Inc. now owns 6,978 shares of the company’s stock worth $242,000 after acquiring an additional 1,256 shares during the last quarter. Kestra Private Wealth Services LLC raised its position in MGM Resorts International by 5.6% during the fourth quarter. Kestra Private Wealth Services LLC now owns 17,337 shares of the company’s stock valued at $601,000 after purchasing an additional 916 shares in the last quarter. Empowered Funds LLC lifted its stake in MGM Resorts International by 9.5% during the fourth quarter. Empowered Funds LLC now owns 23,651 shares of the company’s stock worth $820,000 after purchasing an additional 2,043 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of MGM Resorts International in the 4th quarter worth about $363,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of MGM Resorts International by 36.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,625 shares of the company’s stock valued at $856,000 after buying an additional 6,588 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insiders Place Their Bets

In related news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares of the company’s stock, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. The trade was a 24.69 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.83% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Truist Financial cut their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Wedbush reaffirmed an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Citigroup boosted their price target on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Capital One Financial raised their price objective on MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Macquarie reissued an “outperform” rating and issued a $50.00 target price on shares of MGM Resorts International in a research note on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.29.

MGM Resorts International Stock Down 2.2 %

Shares of MGM Resorts International stock opened at $35.58 on Wednesday. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 12-month low of $31.61 and a 12-month high of $48.24. The company has a market cap of $10.16 billion, a P/E ratio of 14.82, a PEG ratio of 0.98 and a beta of 2.20. The company’s fifty day simple moving average is $34.56 and its two-hundred day simple moving average is $36.79.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. Research analysts anticipate that MGM Resorts International will post 2.21 EPS 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.