Cerity Partners LLC Lowers Stock Holdings in MGM Resorts International (NYSE:MGM)

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

A number of other hedge funds also recently added to or reduced their stakes in MGM. POM Investment Strategies LLC lifted its holdings in shares of MGM Resorts International by 145.5% in the 1st quarter. POM Investment Strategies LLC now owns 2,700 shares of the company’s stock valued at $80,000 after buying an additional 1,600 shares during the period. Beverly Hills Private Wealth LLC purchased a new position in MGM Resorts International in the first quarter worth $1,311,000. IFM Investors Pty Ltd lifted its holdings in MGM Resorts International by 8.2% in the first quarter. IFM Investors Pty Ltd now owns 50,262 shares of the company’s stock valued at $1,490,000 after acquiring an additional 3,792 shares during the period. D.A. Davidson & CO. boosted its position in shares of MGM Resorts International by 3.7% during the 1st quarter. D.A. Davidson & CO. now owns 303,470 shares of the company’s stock worth $8,995,000 after purchasing an additional 10,690 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new stake in shares of MGM Resorts International in the first quarter valued at about $969,000. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Trading Down 0.0%

Shares of MGM opened at $37.17 on Tuesday. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $45.54. The firm has a market capitalization of $10.12 billion, a P/E ratio of 16.60, a price-to-earnings-growth 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. The stock’s fifty day simple moving average is $34.29 and its 200 day simple moving average is $33.08.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion for 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%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.74 EPS. On average, equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current 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 reacquire up to 22.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. The Goldman Sachs Group started coverage on MGM Resorts International in a research note on Monday, July 7th. They set a “sell” rating and a $34.00 price target for the company. Wall Street Zen upgraded shares of MGM Resorts International from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Susquehanna upped their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a report on Thursday, May 1st. JPMorgan Chase & Co. began coverage on shares of 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. Finally, Citigroup raised MGM Resorts International from a “hold” rating to a “strong-buy” rating and upped their target price for the company from $55.00 to $57.00 in a research note on Wednesday, July 9th. 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 company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $48.00.

Insiders Place Their Bets

In related 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Keith A. Meister sold 60,000 shares of the business’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the transaction, the director owned 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. Insiders sold a total of 105,261 shares of company stock worth $3,486,367 over the last ninety days. 3.06% of the stock is owned by company insiders.

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.