Farther Finance Advisors LLC Has $258,000 Position in MGM Resorts International (NYSE:MGM)

Farther Finance Advisors LLC lessened its position in shares of MGM Resorts International (NYSE:MGM) by 27.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 8,610 shares of the company’s stock after selling 3,220 shares during the quarter. Farther Finance Advisors LLC’s holdings in MGM Resorts International were worth $258,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Davis Selected Advisers boosted its holdings in shares of MGM Resorts International by 4.6% during the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock worth $690,253,000 after buying an additional 882,417 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of MGM Resorts International by 22.5% during the 4th quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock worth $200,462,000 after buying an additional 1,063,707 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of MGM Resorts International by 50.9% during the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock worth $112,048,000 after buying an additional 1,090,533 shares in the last quarter. Norges Bank bought a new position in shares of MGM Resorts International in the 4th quarter worth $88,033,000. Finally, Southeastern Asset Management Inc. TN lifted its holdings in shares of MGM Resorts International by 9.6% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company’s stock worth $83,477,000 after purchasing an additional 211,245 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Activity

In related news, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the sale, the chief operating officer now directly owns 281,530 shares of the company’s stock, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,261 shares of company stock valued at $3,486,367 in the last ninety days. 3.06% of the stock is currently owned by insiders.

MGM Resorts International Trading Up 1.2%

Shares of MGM Resorts International stock opened at $33.98 on Thursday. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26. The firm has a market cap of $9.25 billion, a PE ratio of 15.17, a P/E/G ratio of 2.31 and a beta of 1.76. The stock has a fifty day moving average price of $31.83 and a 200-day moving average price of $33.00. 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 announced its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period last year, the firm posted $0.74 EPS. The business’s revenue was down 2.4% compared to the same quarter last year. Equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International declared that its Board of Directors has approved a stock repurchase program on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 22.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MGM. Truist Financial cut their target price on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. JMP Securities cut their target price on MGM Resorts International from $50.00 to $45.00 and set a “market outperform” rating on the stock in a report on Thursday, April 17th. Barclays increased their target price on MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Macquarie cut their target price on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Finally, Morgan Stanley cut their target price on MGM Resorts International from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.94.

About MGM Resorts International

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.