MGM Resorts International (NYSE:MGM) Shares Acquired by Journey Strategic Wealth LLC

Journey Strategic Wealth LLC grew its stake in MGM Resorts International (NYSE:MGM) by 11.2% during the first quarter, HoldingsChannel reports. The firm owned 9,059 shares of the company’s stock after purchasing an additional 911 shares during the quarter. Journey Strategic Wealth LLC’s holdings in MGM Resorts International were worth $269,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. ACR Alpine Capital Research LLC increased its holdings in shares of MGM Resorts International by 6.9% in the first quarter. ACR Alpine Capital Research LLC now owns 173,221 shares of the company’s stock valued at $5,134,000 after purchasing an additional 11,231 shares during the period. Readystate Asset Management LP boosted its stake in shares of MGM Resorts International by 274.3% in the first quarter. Readystate Asset Management LP now owns 51,259 shares of the company’s stock valued at $1,519,000 after buying an additional 37,565 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich boosted its stake in shares of MGM Resorts International by 98.6% in the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 3,114 shares of the company’s stock valued at $92,000 after buying an additional 1,546 shares in the last quarter. PFG Advisors boosted its stake in shares of MGM Resorts International by 35.8% in the first quarter. PFG Advisors now owns 13,047 shares of the company’s stock valued at $387,000 after buying an additional 3,438 shares in the last quarter. Finally, HighPoint Advisor Group LLC boosted its stake in shares of MGM Resorts International by 15.6% in the first quarter. HighPoint Advisor Group LLC now owns 12,161 shares of the company’s stock valued at $387,000 after buying an additional 1,641 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of analyst reports. UBS Group lifted their price target on MGM Resorts International from $37.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. initiated coverage on MGM Resorts International in a research note on Monday, June 23rd. They issued a “neutral” rating and a $38.00 price target on the stock. Citizens Jmp downgraded MGM Resorts International from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 26th. Macquarie decreased their price target on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Finally, Morgan Stanley restated a “sell” rating on shares of MGM Resorts International in a research note on Friday, July 11th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price of $48.00.

MGM Resorts International Stock Up 2.9%

Shares of NYSE:MGM opened at $38.44 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $43.99. The stock’s fifty day simple moving average is $34.62 and its 200-day simple moving average is $33.23. The company has a market capitalization of $10.46 billion, a P/E ratio of 17.16, a P/E/G ratio of 2.41 and a beta of 1.76.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.50 by $0.19. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.74 earnings per share. As a group, 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 approved a stock buyback program on Wednesday, April 30th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits 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 board of directors believes its stock is undervalued.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of the company’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the transaction, the director directly owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of the company’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,261 shares of company stock worth $3,486,367. 3.06% 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.