Sippican Capital Advisors Sells 17,362 Shares of MGM Resorts International $MGM

Sippican Capital Advisors lowered its holdings in MGM Resorts International (NYSE:MGM) by 39.8% in the second quarter, HoldingsChannel.com reports. The firm owned 26,276 shares of the company’s stock after selling 17,362 shares during the quarter. Sippican Capital Advisors’ holdings in MGM Resorts International were worth $904,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC lifted its holdings in shares of MGM Resorts International by 83.5% during the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after acquiring an additional 455 shares during the period. CX Institutional bought a new stake in shares of MGM Resorts International during the 1st quarter worth approximately $36,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of MGM Resorts International by 66.9% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after acquiring an additional 529 shares during the period. Bayforest Capital Ltd bought a new stake in shares of MGM Resorts International during the 1st quarter worth approximately $43,000. Finally, UMB Bank n.a. lifted its holdings in shares of MGM Resorts International by 91.0% during the 1st quarter. UMB Bank n.a. now owns 1,616 shares of the company’s stock worth $48,000 after acquiring an additional 770 shares during the period. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Trading Down 3.6%

Shares of NYSE MGM opened at $31.29 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The firm has a 50 day moving average price of $35.80 and a two-hundred day moving average price of $34.03. The stock has a market cap of $8.52 billion, a P/E ratio of 17.19, a price-to-earnings-growth ratio of 1.33 and a beta of 1.67.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.28 billion. During the same period in the prior year, the company posted $0.86 EPS. The company’s revenue was up 1.8% on a year-over-year basis. As a group, equities analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

Insider Activity at MGM Resorts International

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MGM. Deutsche Bank Aktiengesellschaft cut their price target on shares of MGM Resorts International from $54.00 to $53.00 in a report on Monday, September 22nd. Citizens Jmp downgraded shares of MGM Resorts International from an “outperform” rating to a “market perform” rating in a report on Thursday, June 26th. Seaport Res Ptn downgraded shares of MGM Resorts International from a “strong-buy” rating to a “hold” rating in a report on Monday, July 21st. Macquarie cut their price target on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, October 2nd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of MGM Resorts International in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.50.

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.