Geneos Wealth Management Inc. Sells 2,477 Shares of MGM Resorts International $MGM

Geneos Wealth Management Inc. reduced its position in MGM Resorts International (NYSE:MGM) by 41.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,442 shares of the company’s stock after selling 2,477 shares during the quarter. Geneos Wealth Management Inc.’s holdings in MGM Resorts International were worth $102,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of MGM. Ilmarinen Mutual Pension Insurance Co bought a new stake in shares of MGM Resorts International in the 1st quarter valued at $1,037,000. Plato Investment Management Ltd bought a new stake in shares of MGM Resorts International in the 1st quarter valued at $625,000. Bayforest Capital Ltd bought a new stake in shares of MGM Resorts International in the 1st quarter valued at $43,000. SCS Capital Management LLC bought a new stake in shares of MGM Resorts International in the 1st quarter valued at $325,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of MGM Resorts International by 0.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,985,513 shares of the company’s stock valued at $58,851,000 after acquiring an additional 5,407 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $35.25 on Thursday. The stock has a market cap of $9.59 billion, a PE ratio of 19.37, a PEG ratio of 1.49 and a beta of 1.69. The company’s fifty day moving average is $36.94 and its 200 day moving average is $33.74. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The firm’s revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.86 EPS. Research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Citigroup upgraded shares of MGM Resorts International from a “hold” rating to a “strong-buy” rating and lifted their price objective for the company from $55.00 to $57.00 in a research note on Wednesday, July 9th. Citizens Jmp downgraded shares of MGM Resorts International from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 26th. Barclays lifted their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, July 18th. Susquehanna lifted their price target on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a “positive” rating in a research report on Tuesday, July 29th. Finally, Stifel Nicolaus lifted their price target on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and an average target price of $48.67.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of the business’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the transaction, the insider directly owned 31,521 shares of the company’s stock, valued at approximately $1,138,538.52. The trade was a 65.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 242,000 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the transaction, the director directly owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. The trade was a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company’s stock.

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.