CoreCap Advisors LLC Lowers Stock Position in MGM Resorts International (NYSE:MGM)

CoreCap Advisors LLC reduced its stake in MGM Resorts International (NYSE:MGM) by 13.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,142 shares of the company’s stock after selling 331 shares during the quarter. CoreCap Advisors LLC’s holdings in MGM Resorts International were worth $74,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Assetmark Inc. raised its stake in MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after purchasing an additional 411 shares in the last quarter. Global Trust Asset Management LLC purchased a new stake in MGM Resorts International in the fourth quarter valued at approximately $28,000. Global Retirement Partners LLC grew its position in MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after acquiring an additional 404 shares during the last quarter. Quarry LP grew its position in MGM Resorts International by 750.6% during the fourth quarter. Quarry LP now owns 1,446 shares of the company’s stock valued at $50,000 after acquiring an additional 1,276 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in MGM Resorts International by 74.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company’s stock valued at $51,000 after acquiring an additional 633 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other MGM Resorts International news, CFO Jonathan S. Halkyard bought 10,000 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the acquisition, the chief financial officer now owns 75,648 shares in the company, valued at approximately $2,433,596.16. This represents a 15.23% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now owns 18,301 shares in the company, valued at approximately $692,509.84. This trade represents a 24.69% decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on MGM. Capital One Financial increased their price target on shares of MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Citigroup increased their price target on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Susquehanna increased their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research report on Thursday, May 1st. Macquarie reduced their price target on shares of MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Finally, Stifel Nicolaus reduced 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. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and an average target price of $48.94.

MGM Resorts International Stock Performance

NYSE:MGM opened at $34.88 on Wednesday. The stock has a market cap of $9.49 billion, a P/E ratio of 14.53, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78. The firm’s fifty day simple moving average is $30.70 and its 200 day simple moving average is $33.92. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $47.26. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. The business 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 4.33% and a return on equity of 21.08%. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.74 earnings per share. As a group, research analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its Board of Directors has approved a share buyback plan on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 22.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is 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.