Stratos Wealth Partners LTD. Cuts Stock Holdings in MGM Resorts International (NYSE:MGM)

Stratos Wealth Partners LTD. decreased its holdings in shares of MGM Resorts International (NYSE:MGM) by 53.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,587 shares of the company’s stock after selling 8,614 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in MGM Resorts International were worth $225,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mascagni Wealth Management Inc. purchased a new stake in MGM Resorts International in the fourth quarter worth approximately $28,000. True Wealth Design LLC purchased a new stake in MGM Resorts International in the fourth quarter worth approximately $33,000. Golden State Wealth Management LLC boosted its stake in MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after buying an additional 455 shares in the last quarter. CX Institutional purchased a new stake in MGM Resorts International in the first quarter worth approximately $36,000. Finally, Quarry LP boosted its stake in MGM Resorts International by 750.6% in the fourth quarter. Quarry LP now owns 1,446 shares of the company’s stock worth $50,000 after buying an additional 1,276 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock opened at $37.29 on Thursday. 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 cap of $10.15 billion, a PE ratio of 16.65, a P/E/G ratio of 2.52 and a beta of 1.76. The business has a 50 day moving average of $34.09 and a 200 day moving average of $33.06. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.19. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 earnings per share. As a group, equities research analysts forecast 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 repurchase program on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 22.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have issued reports on MGM. Morgan Stanley reaffirmed a “sell” rating on shares of MGM Resorts International in a research note on Friday, July 11th. Stifel Nicolaus upped their target price on MGM Resorts International from $44.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. JMP Securities reaffirmed a “market perform” rating on shares of MGM Resorts International in a research note on Thursday, June 26th. Susquehanna increased their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. started coverage on MGM Resorts International in a research note on Monday, June 23rd. They set a “neutral” rating and a $38.00 price objective for the company. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $47.94.

Insiders Place Their Bets

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction on 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 transaction, the chief operating officer owned 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. Over the last 90 days, insiders sold 105,261 shares of company stock worth $3,486,367. 3.06% of the stock is owned by corporate insiders.

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.