Benjamin Edwards Inc. Cuts Stock Holdings in MGM Resorts International (NYSE:MGM)

Benjamin Edwards Inc. cut its position in shares of MGM Resorts International (NYSE:MGM) by 3.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 34,681 shares of the company’s stock after selling 1,108 shares during the period. Benjamin Edwards Inc.’s holdings in MGM Resorts International were worth $1,202,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC purchased a new stake in shares of MGM Resorts International during the 4th quarter worth about $28,000. Assetmark Inc. boosted its position in MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares in the last quarter. Global Retirement Partners LLC grew its holdings in MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after purchasing an additional 404 shares during the period. Quarry LP increased its position in shares of MGM Resorts International by 750.6% in the fourth quarter. Quarry LP now owns 1,446 shares of the company’s stock valued at $50,000 after buying an additional 1,276 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of MGM Resorts International by 74.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company’s stock worth $51,000 after buying an additional 633 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In related news, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares in the company, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were purchased at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the purchase, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 3.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MGM shares. Stifel Nicolaus dropped their price target on shares of MGM Resorts International from $50.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Susquehanna lifted their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research report on Thursday, May 1st. Leerink Partners downgraded shares of MGM Resorts International to a “market perform” rating in a research report on Thursday, February 13th. Capital One Financial lifted their price objective on MGM Resorts International from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, Truist Financial reduced their target price on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Five investment 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 company presently has a consensus rating of “Moderate Buy” and an average target price of $48.94.

MGM Resorts International Trading Up 1.1 %

Shares of MGM opened at $31.76 on Thursday. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The firm has a 50-day moving average price of $30.62 and a 200 day moving average price of $34.14. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $47.26. The firm has a market capitalization of $8.64 billion, a P/E ratio of 13.23, a P/E/G ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.29 billion. During the same quarter in the prior year, the company posted $0.74 EPS. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. Sell-side analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International declared that its board has initiated a stock buyback program on Wednesday, April 30th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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.