Sigma Planning Corp Reduces Stock Position in MGM Resorts International (NYSE:MGM)

Sigma Planning Corp lessened its stake in shares of MGM Resorts International (NYSE:MGMGet Rating) by 33.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,353 shares of the company’s stock after selling 10,391 shares during the quarter. Sigma Planning Corp’s holdings in MGM Resorts International were worth $589,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. First Horizon Advisors Inc. boosted its holdings in shares of MGM Resorts International by 715.4% during the 1st quarter. First Horizon Advisors Inc. now owns 742 shares of the company’s stock valued at $31,000 after acquiring an additional 651 shares during the last quarter. Ellevest Inc. boosted its holdings in shares of MGM Resorts International by 70.4% in the second quarter. Ellevest Inc. now owns 1,072 shares of the company’s stock worth $31,000 after buying an additional 443 shares during the last quarter. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of MGM Resorts International in the first quarter worth approximately $38,000. Assetmark Inc. boosted its holdings in shares of MGM Resorts International by 116.1% in the second quarter. Assetmark Inc. now owns 1,312 shares of the company’s stock worth $38,000 after buying an additional 705 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of MGM Resorts International by 52.0% in the second quarter. Allworth Financial LP now owns 2,149 shares of the company’s stock worth $62,000 after buying an additional 735 shares during the last quarter. Hedge funds and other institutional investors own 67.54% of the company’s stock.

Insider Activity

In other news, COO Corey Ian Sanders sold 20,000 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $38.00, for a total transaction of $760,000.00. Following the sale, the chief operating officer now owns 311,498 shares in the company, valued at $11,836,924. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other MGM Resorts International news, Director Janet Swartz purchased 14,230 shares of MGM Resorts International stock in a transaction that occurred on Thursday, August 25th. The shares were bought at an average price of $35.05 per share, for a total transaction of $498,761.50. Following the completion of the transaction, the director now owns 19,858 shares of the company’s stock, valued at approximately $696,022.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Corey Ian Sanders sold 20,000 shares of the business’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $38.00, for a total transaction of $760,000.00. Following the completion of the sale, the chief operating officer now owns 311,498 shares in the company, valued at approximately $11,836,924. The disclosure for this sale can be found here. Insiders have sold a total of 35,741 shares of company stock worth $1,337,388 over the last quarter. Insiders own 2.13% of the company’s stock.

Analysts Set New Price Targets

MGM has been the topic of a number of research reports. Citigroup raised their price objective on shares of MGM Resorts International from $58.00 to $58.50 and gave the stock a “buy” rating in a report on Monday, September 26th. Morgan Stanley initiated coverage on shares of MGM Resorts International in a report on Monday. They issued an “equal weight” rating and a $39.00 price objective on the stock. Wells Fargo & Company dropped their price objective on shares of MGM Resorts International from $58.00 to $53.00 and set an “overweight” rating on the stock in a report on Friday, October 21st. Truist Financial raised their target price on shares of MGM Resorts International from $35.00 to $40.00 in a research note on Thursday, August 4th. Finally, StockNews.com initiated coverage on shares of MGM Resorts International in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $51.03.

MGM Resorts International Trading Down 0.8 %

MGM Resorts International stock opened at $35.47 on Wednesday. The stock has a market cap of $13.62 billion, a P/E ratio of 12.15 and a beta of 2.06. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.49 and a quick ratio of 1.47. MGM Resorts International has a 1 year low of $26.41 and a 1 year high of $49.00. The firm’s 50 day moving average price is $33.42 and its 200-day moving average price is $32.84.

MGM Resorts International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Friday, December 9th will be given a dividend of $0.0025 per share. This represents a $0.01 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Thursday, December 8th. MGM Resorts International’s payout ratio is currently 0.34%.

MGM Resorts International Profile

(Get Rating)

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.

See Also

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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