CX Institutional Invests $36,000 in MGM Resorts International (NYSE:MGM)

CX Institutional acquired a new position in MGM Resorts International (NYSE:MGM) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,216 shares of the company’s stock, valued at approximately $36,000.

A number of other institutional investors also recently bought and sold shares of MGM. TD Waterhouse Canada Inc. lifted its position in shares of MGM Resorts International by 8.9% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company’s stock valued at $111,000 after buying an additional 261 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its position in shares of MGM Resorts International by 1.7% in the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company’s stock worth $684,000 after purchasing an additional 333 shares during the period. Global Retirement Partners LLC increased its stake in shares of MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after purchasing an additional 404 shares in the last quarter. Assetmark Inc. raised its position in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after purchasing an additional 411 shares during the period. Finally, Commonwealth Equity Services LLC lifted its stake in shares of MGM Resorts International by 0.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 146,417 shares of the company’s stock valued at $5,073,000 after buying an additional 469 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Stock Down 2.0%

Shares of NYSE MGM opened at $33.61 on Wednesday. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26. The firm has a 50-day simple moving average of $31.75 and a two-hundred day simple moving average of $32.99. The company has a market cap of $9.15 billion, a P/E ratio of 15.00, a PEG ratio of 2.36 and a beta of 1.76. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.19. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. MGM Resorts International’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the company earned $0.74 EPS. Research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its board has initiated 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 purchase up to 22.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 60,000 shares of the firm’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the transaction, the director now owns 5,627,478 shares in the company, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,261 shares of company stock valued at $3,486,367. 3.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

MGM has been the topic of several research analyst reports. Wall Street Zen upgraded MGM Resorts International from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Barclays boosted their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Macquarie decreased 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 note on Friday, May 2nd. Morgan Stanley dropped their price objective on shares of MGM Resorts International from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. Finally, JMP Securities decreased their target price on MGM Resorts International from $50.00 to $45.00 and set a “market outperform” rating on the stock in a research report on Thursday, April 17th. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and a consensus target price of $48.94.

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.