Short Interest in MGM Resorts International (NYSE:MGM) Declines By 17.9%

MGM Resorts International (NYSE:MGM) was the target of a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 11,760,000 shares, a drop of 17.9% from the August 15th total of 14,330,000 shares. Currently, 4.1% of the company’s shares are short sold. Based on an average daily trading volume, of 4,440,000 shares, the short-interest ratio is currently 2.6 days.

Insider Transactions at MGM Resorts International

In other news, insider John Mcmanus sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $46.59, for a total transaction of $465,900.00. Following the completion of the transaction, the insider now directly owns 32,283 shares in the company, valued at $1,504,064.97. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Daniel J. Taylor sold 4,454 shares of MGM Resorts International stock in a transaction on Monday, August 7th. The stock was sold at an average price of $45.25, for a total value of $201,543.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Mcmanus sold 10,000 shares of MGM Resorts International stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $46.59, for a total value of $465,900.00. Following the completion of the transaction, the insider now owns 32,283 shares of the company’s stock, valued at $1,504,064.97. The disclosure for this sale can be found here. Insiders sold a total of 49,454 shares of company stock worth $2,249,894 over the last ninety days. Company insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC increased its position in MGM Resorts International by 1.9% during the 1st quarter. Signaturefd LLC now owns 13,730 shares of the company’s stock worth $610,000 after purchasing an additional 251 shares during the period. Symmetry Partners LLC purchased a new stake in shares of MGM Resorts International during the 2nd quarter worth approximately $368,000. Pitcairn Co. boosted its stake in shares of MGM Resorts International by 48.1% during the 1st quarter. Pitcairn Co. now owns 12,596 shares of the company’s stock worth $560,000 after acquiring an additional 4,092 shares in the last quarter. Quent Capital LLC boosted its stake in shares of MGM Resorts International by 30.4% during the 1st quarter. Quent Capital LLC now owns 2,518 shares of the company’s stock worth $112,000 after acquiring an additional 587 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of MGM Resorts International by 12.9% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 53,877 shares of the company’s stock worth $1,806,000 after acquiring an additional 6,153 shares in the last quarter. Institutional investors and hedge funds own 66.46% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $41.08 on Friday. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 1.38. The stock’s 50-day moving average price is $45.63 and its 200 day moving average price is $43.77. MGM Resorts International has a 52-week low of $29.20 and a 52-week high of $51.35. The stock has a market capitalization of $14.41 billion, a PE ratio of 39.88 and a beta of 2.10.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, August 2nd. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.06. MGM Resorts International had a return on equity of 2.10% and a net margin of 2.53%. The company had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter in the previous year, the firm posted $0.03 EPS. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, equities research analysts forecast that MGM Resorts International will post 2.44 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Barclays decreased their target price on MGM Resorts International from $64.00 to $62.00 and set an “overweight” rating for the company in a report on Thursday, August 3rd. Morgan Stanley decreased their price target on MGM Resorts International from $46.00 to $45.00 and set an “equal weight” rating for the company in a report on Tuesday, September 12th. Truist Financial lifted their price target on MGM Resorts International from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, July 18th. TheStreet cut MGM Resorts International from a “b” rating to a “c+” rating in a research report on Wednesday, August 2nd. Finally, JMP Securities reiterated a “market outperform” rating and set a $60.00 target price on shares of MGM Resorts International in a research report on Tuesday, July 18th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.86.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.