Private Advisor Group LLC Has $1.12 Million Holdings in MGM Resorts International (NYSE:MGM)

Private Advisor Group LLC lessened its holdings in MGM Resorts International (NYSE:MGM) by 6.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,122 shares of the company’s stock after selling 1,820 shares during the period. Private Advisor Group LLC’s holdings in MGM Resorts International were worth $1,116,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Westfield Capital Management Co. LP increased its stake in MGM Resorts International by 21.0% in the 4th quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock valued at $107,295,000 after buying an additional 416,911 shares during the last quarter. Gateway Investment Advisers LLC increased its stake in MGM Resorts International by 41.2% in the 1st quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock valued at $465,000 after buying an additional 2,872 shares during the last quarter. ACR Alpine Capital Research LLC purchased a new stake in shares of MGM Resorts International during the 1st quarter worth approximately $3,922,000. Fisher Asset Management LLC increased its stake in shares of MGM Resorts International by 5.2% during the 4th quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock worth $194,686,000 after purchasing an additional 213,528 shares during the last quarter. Finally, Texas Permanent School Fund Corp increased its stake in shares of MGM Resorts International by 0.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after purchasing an additional 245 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MGM. Morgan Stanley decreased their price target on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 4th. JMP Securities decreased their price target on shares of MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating for the company in a research note on Thursday, August 1st. Macquarie decreased their price target on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Stifel Nicolaus raised their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, BTIG Research started coverage on shares of MGM Resorts International in a report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price objective for the company. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and an average price target of $53.93.

Insider Activity

In related news, Director Paul J. Salem acquired 147,500 shares of the stock in a transaction dated Monday, August 5th. The shares were purchased at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the transaction, the director now owns 1,702,500 shares in the company, valued at approximately $57,544,500. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In other MGM Resorts International news, CFO Jonathan S. Halkyard bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $34.00 per share, for a total transaction of $340,000.00. Following the transaction, the chief financial officer now directly owns 38,299 shares in the company, valued at $1,302,166. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul J. Salem bought 147,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the transaction, the director now owns 1,702,500 shares in the company, valued at $57,544,500. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is currently owned by corporate insiders.

MGM Resorts International Stock Up 1.7 %

Shares of NYSE:MGM opened at $36.51 on Monday. The firm has a fifty day moving average price of $39.67 and a two-hundred day moving average price of $41.39. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24. The company has a market cap of $11.45 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 0.64 and a beta of 2.22.

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

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.