Ballentine Partners LLC Has $221,000 Stock Holdings in MGM Resorts International $MGM

Ballentine Partners LLC lessened its holdings in shares of MGM Resorts International (NYSE:MGM) by 25.7% in the second quarter, according to its most recent filing with the SEC. The firm owned 6,438 shares of the company’s stock after selling 2,229 shares during the period. Ballentine Partners LLC’s holdings in MGM Resorts International were worth $221,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Amalgamated Bank grew its holdings in MGM Resorts International by 0.8% during the 1st quarter. Amalgamated Bank now owns 43,933 shares of the company’s stock worth $1,302,000 after acquiring an additional 329 shares during the period. Quarry LP grew its holdings in shares of MGM Resorts International by 24.1% in the 1st quarter. Quarry LP now owns 1,795 shares of the company’s stock valued at $53,000 after buying an additional 349 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of MGM Resorts International by 1.6% in the 1st quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company’s stock valued at $776,000 after buying an additional 410 shares during the period. NewEdge Advisors LLC grew its holdings in shares of MGM Resorts International by 12.1% in the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock valued at $115,000 after buying an additional 421 shares during the period. Finally, UMB Bank n.a. grew its holdings in shares of MGM Resorts International by 27.5% in the 2nd quarter. UMB Bank n.a. now owns 2,061 shares of the company’s stock valued at $71,000 after buying an additional 445 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the subject of several research analyst reports. JMP Securities reissued a “market perform” rating on shares of MGM Resorts International in a report on Thursday, June 26th. The Goldman Sachs Group initiated coverage on shares of MGM Resorts International in a report on Monday, July 7th. They issued a “sell” rating and a $34.00 price target for the company. Deutsche Bank Aktiengesellschaft decreased their price target on shares of MGM Resorts International from $54.00 to $53.00 in a report on Monday, September 22nd. Mizuho reduced their target price on shares of MGM Resorts International from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Monday, September 22nd. Finally, JPMorgan Chase & Co. assumed coverage on shares of MGM Resorts International in a research note on Monday, June 23rd. They issued a “neutral” rating and a $38.00 target price for the company. One research 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 stock. Based on data from MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and an average price target of $48.61.

MGM Resorts International Stock Up 2.6%

Shares of MGM stock opened at $36.54 on Tuesday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. The firm’s 50-day moving average is $36.55 and its 200-day moving average is $33.96. The stock has a market cap of $9.95 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 1.51 and a beta of 1.69. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.21. The firm 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 business’s revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.86 EPS. Sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

Insider Buying and Selling

In related news, insider John Mcmanus sold 60,000 shares of the stock in a transaction that occurred 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 sale, the insider owned 31,521 shares in the company, valued at approximately $1,138,538.52. This trade represents a 65.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Keith A. Meister sold 242,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the sale, the director owned 5,385,478 shares in the company, valued at $190,753,630.76. This represents a 4.30% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company’s stock.

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.