Janney Montgomery Scott LLC Sells 6,792 Shares of MGM Resorts International (NYSE:MGM)

Janney Montgomery Scott LLC decreased its holdings in MGM Resorts International (NYSE:MGM) by 11.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,479 shares of the company’s stock after selling 6,792 shares during the period. Janney Montgomery Scott LLC’s holdings in MGM Resorts International were worth $1,496,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in MGM. Global Retirement Partners LLC raised its position in MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after purchasing an additional 404 shares during the period. IFP Advisors Inc boosted its position in MGM Resorts International by 17.0% during the 4th quarter. IFP Advisors Inc now owns 4,824 shares of the company’s stock valued at $167,000 after acquiring an additional 702 shares in the last quarter. Bank of New York Mellon Corp boosted its position in MGM Resorts International by 3.3% during the 4th quarter. Bank of New York Mellon Corp now owns 1,323,992 shares of the company’s stock valued at $45,876,000 after acquiring an additional 42,256 shares in the last quarter. Checchi Capital Advisers LLC lifted its holdings in shares of MGM Resorts International by 43.7% during the 4th quarter. Checchi Capital Advisers LLC now owns 8,189 shares of the company’s stock valued at $284,000 after purchasing an additional 2,492 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in shares of MGM Resorts International during the 4th quarter valued at $2,053,000. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the director now owns 5,627,478 shares in the company, valued at approximately $180,585,769.02. This trade represents a 1.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the sale, the chief operating officer now owns 281,530 shares of the company’s stock, valued at $9,693,077.90. The trade was 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. Company insiders own 3.06% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on MGM shares. Macquarie reduced their target price on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Morgan Stanley lowered their price objective 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. JPMorgan Chase & Co. assumed coverage on MGM Resorts International in a report on Monday, June 23rd. They set a “neutral” rating and a $38.00 target price on the stock. Susquehanna upped their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a report on Thursday, May 1st. Finally, Truist Financial decreased their price objective 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. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.29.

MGM Resorts International Stock Performance

MGM stock opened at $34.35 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79. The company has a market capitalization of $9.35 billion, a price-to-earnings ratio of 15.34, a P/E/G ratio of 2.33 and a beta of 1.76. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $47.26. The firm has a 50 day moving average of $32.50 and a two-hundred day moving average of $32.84.

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

MGM Resorts International declared that its board has authorized a stock repurchase program on Wednesday, April 30th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.