MGM Resorts International (NYSE:MGM) Shares Sold by Boyar Asset Management Inc.

Boyar Asset Management Inc. cut its holdings in shares of MGM Resorts International (NYSE:MGM) by 11.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,938 shares of the company’s stock after selling 2,493 shares during the period. Boyar Asset Management Inc.’s holdings in MGM Resorts International were worth $591,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Assetmark Inc. grew its stake in shares of MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after acquiring an additional 411 shares in the last quarter. Mascagni Wealth Management Inc. acquired a new stake in shares of MGM Resorts International during the fourth quarter valued at about $28,000. True Wealth Design LLC acquired a new stake in shares of MGM Resorts International during the fourth quarter valued at about $33,000. Golden State Wealth Management LLC grew its stake in shares of MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock valued at $30,000 after acquiring an additional 455 shares in the last quarter. Finally, CX Institutional acquired a new stake in shares of MGM Resorts International during the first quarter valued at about $36,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, COO Corey Ian Sanders sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel J. Taylor sold 5,261 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was 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. Over the last ninety days, insiders have sold 105,261 shares of company stock valued at $3,486,367. 3.06% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MGM. Truist Financial lowered their target price on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. began coverage on shares of MGM Resorts International in a research report on Monday. They set a “neutral” rating and a $38.00 price target on the stock. Barclays increased their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a research report on Thursday, May 1st. Wall Street Zen raised shares of MGM Resorts International from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Finally, Stifel Nicolaus cut their target price on shares of MGM Resorts International from $50.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Six 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 has a consensus rating of “Moderate Buy” and an average price target of $48.29.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock opened at $33.90 on Thursday. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of 15.13, a P/E/G ratio of 2.36 and a beta of 1.76. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The firm’s 50-day moving average price is $32.29 and its two-hundred day moving average price is $32.88.

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. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.29 billion. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.74 earnings per share. On average, equities analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its Board of Directors has initiated a share buyback program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 22.4% of its stock through open market purchases. Stock buyback programs are typically a sign 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.