Private Advisor Group LLC Lowers Position in MGM Resorts International (NYSE:MGM)

Private Advisor Group LLC lessened its stake in shares of MGM Resorts International (NYSE:MGM) by 8.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 23,071 shares of the company’s stock after selling 2,051 shares during the period. Private Advisor Group LLC’s holdings in MGM Resorts International were worth $902,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. UMB Bank n.a. raised its position in shares of MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after purchasing an additional 237 shares during the period. Texas Permanent School Fund Corp lifted its position in shares of MGM Resorts International by 0.4% in the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after acquiring an additional 245 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of MGM Resorts International by 1.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock worth $1,018,000 after acquiring an additional 278 shares during the period. HB Wealth Management LLC boosted its stake in shares of MGM Resorts International by 6.3% in the second quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock worth $219,000 after acquiring an additional 293 shares during the period. Finally, US Bancorp DE grew its position in shares of MGM Resorts International by 1.3% during the first quarter. US Bancorp DE now owns 23,558 shares of the company’s stock worth $1,112,000 after purchasing an additional 298 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

Shares of NYSE:MGM opened at $36.41 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $11.06 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 1.02 and a beta of 2.23. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The firm’s 50-day moving average is $38.46 and its 200 day moving average is $40.22.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.46% and a net margin of 5.23%. The business had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the previous year, the company posted $0.64 earnings per share. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. Research analysts predict that MGM Resorts International will post 2.55 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. JMP Securities lowered their price target on MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating on the stock in a report on Thursday. Mizuho lowered their target price on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday. Susquehanna raised their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Morgan Stanley boosted their target price on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 22nd. Finally, Barclays decreased their price target 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. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus target price of $53.15.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the company’s 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 transaction, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction on Monday, August 5th. The stock was acquired at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the acquisition, the chief financial officer now owns 38,299 shares of the company’s stock, valued at $1,302,166. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction on 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 transaction, the director now owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is currently owned by insiders.

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.