Parallel Advisors LLC Has $328,000 Holdings in MGM Resorts International (NYSE:MGM)

Parallel Advisors LLC trimmed its position in shares of MGM Resorts International (NYSE:MGM) by 5.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,390 shares of the company’s stock after selling 460 shares during the quarter. Parallel Advisors LLC’s holdings in MGM Resorts International were worth $328,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in MGM Resorts International during the second quarter worth $28,000. EverSource Wealth Advisors LLC raised its holdings in shares of MGM Resorts International by 60.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after acquiring an additional 329 shares during the last quarter. UMB Bank n.a. lifted its position in MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after acquiring an additional 237 shares in the last quarter. Accent Capital Management LLC acquired a new position in MGM Resorts International during the 4th quarter valued at about $45,000. Finally, Mendota Financial Group LLC increased its holdings in MGM Resorts International by 36.0% during the 1st quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock worth $47,000 after purchasing an additional 266 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Stock Performance

Shares of MGM opened at $36.96 on Thursday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42. The firm has a market cap of $11.59 billion, a PE ratio of 14.22, a PEG ratio of 0.64 and a beta of 2.22. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The stock’s fifty day moving average price is $39.39 and its two-hundred day moving average price is $41.31.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.66 by $0.20. The business had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The company’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 earnings per share. On average, equities research analysts forecast that MGM Resorts International will post 2.68 EPS for the current year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction on Monday, August 5th. The shares were acquired at an average price of $34.00 per share, with a total value of $340,000.00. Following the acquisition, the chief financial officer now directly owns 38,299 shares of the company’s stock, valued at approximately $1,302,166. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the completion of the transaction, the chief financial officer now directly owns 38,299 shares in the company, valued at approximately $1,302,166. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Stifel Nicolaus lifted their target price on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company cut their price objective on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Macquarie lowered their target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. JMP Securities cut their price target on shares of MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating on the stock in a report on Thursday, August 1st. Finally, BTIG Research initiated coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.93.

MGM Resorts International 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.