Cerity Partners LLC Has $1.43 Million Stock Holdings in MGM Resorts International (NYSE:MGM)

Cerity Partners LLC cut its holdings in shares of MGM Resorts International (NYSE:MGM) by 6.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,310 shares of the company’s stock after selling 3,072 shares during the quarter. Cerity Partners LLC’s holdings in MGM Resorts International were worth $1,432,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Invesco Ltd. increased its stake in MGM Resorts International by 22.5% in the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock valued at $200,462,000 after acquiring an additional 1,063,707 shares during the period. Marshall Wace LLP grew its position in MGM Resorts International by 50.9% in the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock valued at $112,048,000 after acquiring an additional 1,090,533 shares during the period. Norges Bank acquired a new stake in shares of MGM Resorts International during the 4th quarter worth about $88,033,000. Southeastern Asset Management Inc. TN lifted its holdings in MGM Resorts International by 9.6% during the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company’s stock valued at $83,477,000 after purchasing an additional 211,245 shares during the last quarter. Finally, Northern Trust Corp grew its stake in MGM Resorts International by 15.1% during the fourth quarter. Northern Trust Corp now owns 2,315,748 shares of the company’s stock worth $80,241,000 after buying an additional 303,711 shares during the last quarter. 68.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. The Goldman Sachs Group initiated coverage on MGM Resorts International in a report on Monday, July 7th. They issued a “sell” rating and a $34.00 price objective for the company. UBS Group raised their price objective on shares of MGM Resorts International from $37.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Susquehanna boosted their price target on MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a report on Thursday, May 1st. Stifel Nicolaus upped their price target on shares of MGM Resorts International from $44.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Finally, 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. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 5,261 shares of the business’s 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 SEC, which is accessible through this link. Also, COO Corey Ian Sanders sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was 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 owned 281,530 shares in the company, valued at $9,693,077.90. The trade was a 12.44% decrease in their ownership of the stock. 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. Insiders own 3.06% of the company’s stock.

MGM Resorts International Trading Down 0.0%

Shares of MGM Resorts International stock opened at $37.17 on Tuesday. The stock has a market cap of $10.12 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 2.40 and a beta of 1.76. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $45.54. The company has a fifty day simple moving average of $34.29 and a 200-day simple moving average of $33.08.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.19. The company had revenue of $4.28 billion for 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%. MGM Resorts International’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.74 earnings per share. On average, equities analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its board has initiated a share repurchase plan on Wednesday, April 30th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits 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 management believes its stock is undervalued.

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.