Sonora Investment Management Group LLC Sells 2,402 Shares of MGM Resorts International (NYSE:MGM)

Sonora Investment Management Group LLC cut its position in shares of MGM Resorts International (NYSE:MGM) by 2.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 101,840 shares of the company’s stock after selling 2,402 shares during the period. Sonora Investment Management Group LLC’s holdings in MGM Resorts International were worth $3,019,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in MGM Resorts International in the 4th quarter valued at $88,033,000. Eminence Capital LP bought a new stake in shares of MGM Resorts International during the fourth quarter worth $72,408,000. AQR Capital Management LLC lifted its position in MGM Resorts International by 12,726.8% during the 4th quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company’s stock valued at $44,316,000 after purchasing an additional 1,268,994 shares during the period. Marshall Wace LLP grew its position in shares of MGM Resorts International by 50.9% during the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock worth $112,048,000 after buying an additional 1,090,533 shares during the period. Finally, Invesco Ltd. raised its stake in shares of MGM Resorts International by 22.5% during the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock worth $200,462,000 after buying an additional 1,063,707 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at MGM Resorts International

In other news, COO Corey Ian Sanders sold 40,000 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the transaction, the chief operating officer now directly owns 281,530 shares in the company, valued at approximately $9,693,077.90. This represents a 12.44% 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. Also, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total transaction of $183,766.73. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MGM. Stifel Nicolaus cut 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 report on Thursday, May 1st. JMP Securities decreased their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a “market outperform” rating on the stock in a report on Thursday, April 17th. Susquehanna Bancshares upped their price target on shares of MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Wedbush reiterated an “outperform” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, Wall Street Zen upgraded MGM Resorts International from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Five equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.94.

MGM Resorts International Price Performance

NYSE:MGM opened at $32.45 on Tuesday. The business’s 50-day moving average is $31.01 and its 200 day moving average is $33.15. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $47.26. 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 company has a market capitalization of $8.83 billion, a P/E ratio of 13.52, a P/E/G ratio of 0.98 and a beta of 1.76.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.29 billion. During the same period in the previous year, the firm posted $0.74 earnings per share. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its Board of Directors has authorized a stock buyback program on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 22.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

MGM Resorts International Company 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.