Private Advisor Group LLC Decreases Stock Holdings in MGM Resorts International (NYSE:MGM)

Private Advisor Group LLC lowered its position in MGM Resorts International (NYSE:MGM) by 8.2% during the third quarter, Holdings Channel reports. The institutional investor owned 23,071 shares of the company’s stock after selling 2,051 shares during the quarter. Private Advisor Group LLC’s holdings in MGM Resorts International were worth $902,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Eastern Bank purchased a new position in MGM Resorts International during the 3rd quarter worth $35,000. Sequoia Financial Advisors LLC increased its holdings in shares of MGM Resorts International by 749.6% during the third quarter. Sequoia Financial Advisors LLC now owns 50,424 shares of the company’s stock valued at $1,971,000 after acquiring an additional 44,489 shares in the last quarter. Raleigh Capital Management Inc. raised its position in shares of MGM Resorts International by 105.7% in the 3rd quarter. Raleigh Capital Management Inc. now owns 1,911 shares of the company’s stock valued at $75,000 after purchasing an additional 982 shares during the last quarter. Raymond James & Associates boosted its stake in MGM Resorts International by 22.6% in the 3rd quarter. Raymond James & Associates now owns 468,269 shares of the company’s stock worth $18,305,000 after purchasing an additional 86,370 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in MGM Resorts International by 120.6% in the 3rd quarter. Blue Trust Inc. now owns 1,348 shares of the company’s stock worth $53,000 after purchasing an additional 737 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Morgan Stanley raised their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Wells Fargo & Company cut their target price on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. JMP Securities lowered their price target on MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating for the company in a research report on Thursday. Mizuho dropped their price target on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Truist Financial reduced their price objective on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average target price of $53.15.

Insiders Place Their Bets

In other MGM Resorts International news, CEO William Hornbuckle bought 58,900 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $33.73 per share, for a total transaction of $1,986,697.00. Following the transaction, the chief executive officer now directly owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Paul J. Salem acquired 147,500 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were acquired at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the acquisition, the director now directly owns 1,702,500 shares in the company, valued at approximately $57,544,500. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Hornbuckle bought 58,900 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the transaction, the chief executive officer now owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 216,400 shares of company stock worth $7,312,197. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Trading Down 1.2 %

Shares of NYSE:MGM opened at $36.41 on Friday. The company has a market capitalization of $11.06 billion, a PE 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 business has a 50 day moving average of $38.46 and a two-hundred day moving average of $40.22. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65.

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

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.