MGM Resorts International $MGM Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC reduced its stake in shares of MGM Resorts International (NYSE:MGM) by 80.6% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 9,798 shares of the company’s stock after selling 40,681 shares during the period. Janney Montgomery Scott LLC’s holdings in MGM Resorts International were worth $337,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Amalgamated Bank grew its position in MGM Resorts International by 0.8% during the 1st quarter. Amalgamated Bank now owns 43,933 shares of the company’s stock worth $1,302,000 after purchasing an additional 329 shares during the period. Quarry LP grew its position in MGM Resorts International by 24.1% during the 1st quarter. Quarry LP now owns 1,795 shares of the company’s stock worth $53,000 after purchasing an additional 349 shares during the period. State of Alaska Department of Revenue grew its position in MGM Resorts International by 1.6% during the 1st quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company’s stock worth $776,000 after purchasing an additional 410 shares during the period. NewEdge Advisors LLC grew its position in MGM Resorts International by 12.1% during the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock worth $115,000 after purchasing an additional 421 shares during the period. Finally, UMB Bank n.a. grew its position in MGM Resorts International by 27.5% during the 2nd quarter. UMB Bank n.a. now owns 2,061 shares of the company’s stock worth $71,000 after purchasing an additional 445 shares during the period. 68.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MGM has been the topic of several analyst reports. Barclays increased their price target on MGM Resorts International from $43.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday, July 18th. Citigroup raised shares of MGM Resorts International from a “hold” rating to a “strong-buy” rating and increased their target price for the stock from $55.00 to $57.00 in a research note on Wednesday, July 9th. Morgan Stanley increased their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 11th. UBS Group lowered their target price on shares of MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, September 11th. Finally, Mizuho increased their target price on shares of MGM Resorts International from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.78.

MGM Resorts International Trading Down 0.3%

Shares of MGM Resorts International stock opened at $31.58 on Monday. The firm has a market capitalization of $8.60 billion, a PE ratio of 17.35, a P/E/G ratio of 1.30 and a beta of 1.67. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. The firm’s 50-day moving average price is $35.50 and its 200 day moving average price is $34.12. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same period last year, the company posted $0.86 EPS. The business’s revenue was up 1.8% on a year-over-year basis. On average, sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total value of $8,571,640.00. Following the transaction, the director directly owned 5,385,478 shares of the company’s stock, valued at $190,753,630.76. This trade represents a 4.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Mcmanus sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares in the company, valued at $1,138,538.52. This trade represents a 65.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.06% of the company’s stock.

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.