Trexquant Investment LP Trims Stake in MGM Resorts International (NYSE:MGM)

Trexquant Investment LP lowered its holdings in MGM Resorts International (NYSE:MGM) by 26.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 517,637 shares of the company’s stock after selling 182,269 shares during the period. Trexquant Investment LP owned approximately 0.17% of MGM Resorts International worth $17,936,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its stake in MGM Resorts International by 18.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 180,470 shares of the company’s stock worth $7,055,000 after buying an additional 28,568 shares in the last quarter. FMR LLC increased its stake in MGM Resorts International by 5.0% in the third quarter. FMR LLC now owns 1,681,699 shares of the company’s stock valued at $65,738,000 after acquiring an additional 79,486 shares during the last quarter. Townsquare Capital LLC purchased a new stake in MGM Resorts International during the third quarter valued at about $259,000. Glenmede Trust Co. NA lifted its stake in MGM Resorts International by 37.1% during the third quarter. Glenmede Trust Co. NA now owns 7,201 shares of the company’s stock worth $281,000 after purchasing an additional 1,948 shares during the last quarter. Finally, CreativeOne Wealth LLC boosted its holdings in shares of MGM Resorts International by 18.9% in the 3rd quarter. CreativeOne Wealth LLC now owns 5,824 shares of the company’s stock worth $228,000 after purchasing an additional 927 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

MGM stock opened at $29.93 on Wednesday. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. MGM Resorts International has a 1 year low of $28.63 and a 1 year high of $47.45. The firm has a 50-day moving average of $33.77 and a 200 day moving average of $35.85. The company has a market cap of $8.55 billion, a P/E ratio of 12.47, a PEG ratio of 0.98 and a beta of 2.18.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. On average, sell-side analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Stifel Nicolaus boosted their target price on MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. JMP Securities restated a “market outperform” rating and issued a $50.00 price objective on shares of MGM Resorts International in a report on Thursday, February 13th. Leerink Partners lowered shares of MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Capital One Financial upped their price target on shares of MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, Truist Financial decreased their price objective on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.29.

Insider Activity

In related news, CFO Jonathan S. Halkyard bought 10,000 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the purchase, the chief financial officer now owns 75,648 shares in the company, valued at approximately $2,433,596.16. The trade was a 15.23 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

About MGM Resorts International

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.