Wedbush Securities Inc. Lowers Position in MGM Resorts International (NYSE:MGM)

Wedbush Securities Inc. cut its stake in MGM Resorts International (NYSE:MGM) by 1.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 33,722 shares of the company’s stock after selling 603 shares during the period. Wedbush Securities Inc.’s holdings in MGM Resorts International were worth $1,499,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MGM. International Assets Investment Management LLC purchased a new stake in MGM Resorts International in the second quarter worth about $28,000. EverSource Wealth Advisors LLC lifted its holdings in shares of MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after purchasing an additional 329 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after purchasing an additional 237 shares during the last quarter. Accent Capital Management LLC purchased a new position in shares of MGM Resorts International during the fourth quarter valued at approximately $45,000. Finally, Mendota Financial Group LLC lifted its holdings in shares of MGM Resorts International by 36.0% during the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock valued at $47,000 after purchasing an additional 266 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Morgan Stanley lowered their target price on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a report on Wednesday, September 4th. Susquehanna lifted their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a report on Thursday, August 1st. BTIG Research initiated coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price target for the company. Stifel Nicolaus raised their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Wells Fargo & Company reduced their price target on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average target price of $53.93.

MGM Resorts International Trading Down 0.3 %

NYSE:MGM opened at $34.87 on Wednesday. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The company has a market cap of $10.94 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 0.63 and a beta of 2.23. The company has a 50 day simple moving average of $40.11 and a two-hundred day simple moving average of $41.52.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The firm had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter in the previous year, the firm posted $0.59 EPS. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. Research analysts forecast that MGM Resorts International will post 2.68 earnings per share for the current year.

Insider Activity

In other MGM Resorts International news, CFO Jonathan S. Halkyard acquired 10,000 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was purchased at an average price of $34.00 per share, with a total value of $340,000.00. Following the transaction, the chief financial officer now directly owns 38,299 shares in the company, valued at approximately $1,302,166. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other MGM Resorts International news, CFO Jonathan S. Halkyard acquired 10,000 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was purchased at an average price of $34.00 per share, with a total value of $340,000.00. Following the transaction, the chief financial officer now directly owns 38,299 shares in the company, valued at approximately $1,302,166. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO William Hornbuckle acquired 58,900 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were acquired at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the transaction, the chief executive officer now owns 377,112 shares in the company, valued at $12,719,987.76. The disclosure for this purchase can be found here. Insiders acquired a total of 216,400 shares of company stock valued at $7,312,197 in the last 90 days. Company insiders own 2.13% 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.