HG Vora Capital Management LLC Takes Position in MGM Resorts International (NYSE:MGM)

HG Vora Capital Management LLC bought a new position in MGM Resorts International (NYSE:MGM) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,500,000 shares of the company’s stock, valued at approximately $97,725,000. MGM Resorts International comprises about 7.2% of HG Vora Capital Management LLC’s investment portfolio, making the stock its 6th largest position. HG Vora Capital Management LLC owned approximately 0.84% of MGM Resorts International as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fisher Asset Management LLC increased its holdings in MGM Resorts International by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company’s stock worth $177,777,000 after buying an additional 90,645 shares during the last quarter. Goldentree Asset Management LP boosted its stake in MGM Resorts International by 86.4% in the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after buying an additional 1,390,599 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in MGM Resorts International by 5.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,298,094 shares of the company’s stock worth $89,832,000 after purchasing an additional 123,124 shares in the last quarter. FMR LLC boosted its position in shares of MGM Resorts International by 5.0% during the third quarter. FMR LLC now owns 1,681,699 shares of the company’s stock valued at $65,738,000 after buying an additional 79,486 shares during the last quarter. Finally, Empower Advisory Group LLC lifted its position in shares of MGM Resorts International by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock valued at $61,430,000 after buying an additional 62,997 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MGM has been the topic of a number of research reports. JMP Securities cut their price objective on MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, November 25th. Truist Financial decreased their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft dropped their price target on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Barclays reduced their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Finally, UBS Group raised shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.85.

MGM Resorts International Stock Down 0.2 %

Shares of NYSE MGM opened at $38.27 on Tuesday. The company has a market capitalization of $11.39 billion, a P/E ratio of 13.67, a price-to-earnings-growth ratio of 2.74 and a beta of 2.20. The company’s 50 day moving average price is $38.73 and its 200-day moving average price is $39.57. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. MGM Resorts International has a 52-week low of $33.44 and a 52-week high of $48.24.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The firm had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the previous year, the business posted $0.64 earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities analysts forecast that MGM Resorts International will post 2.5 earnings per share for the current year.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the sale, the director now owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This trade represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.83% 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.