Wedmont Private Capital Sells 926 Shares of MGM Resorts International (NYSE:MGM)

Wedmont Private Capital lessened its holdings in MGM Resorts International (NYSE:MGM) by 10.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,755 shares of the company’s stock after selling 926 shares during the quarter. Wedmont Private Capital’s holdings in MGM Resorts International were worth $319,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Goldentree Asset Management LP bought a new stake in MGM Resorts International during the first quarter worth $35,726,000. Marshall Wace LLP raised its position in MGM Resorts International by 174.8% during the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after acquiring an additional 706,159 shares in the last quarter. Boston Partners raised its position in MGM Resorts International by 12.6% during the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after acquiring an additional 684,676 shares in the last quarter. LSV Asset Management bought a new stake in MGM Resorts International during the second quarter worth $21,149,000. Finally, Shellback Capital LP raised its position in MGM Resorts International by 433.3% during the second quarter. Shellback Capital LP now owns 400,000 shares of the company’s stock worth $17,776,000 after acquiring an additional 325,000 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the sale, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Hornbuckle purchased 58,900 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the completion of the purchase, the chief executive officer now owns 377,112 shares in the company, valued at $12,719,987.76. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 216,400 shares of company stock valued at $7,312,197 in the last ninety days. 2.13% of the stock is currently owned by company insiders.

MGM Resorts International Price Performance

MGM stock opened at $39.66 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.47 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 firm has a market cap of $12.05 billion, a P/E ratio of 14.97, a P/E/G ratio of 0.92 and a beta of 2.23. The company’s 50-day moving average price is $37.77 and its two-hundred day moving average price is $40.74.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $4.21 billion. During the same period last year, the firm earned $0.59 EPS. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, analysts anticipate that MGM Resorts International will post 2.55 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MGM. Stifel Nicolaus upped 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 report on Thursday, August 1st. Morgan Stanley decreased their price objective on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 4th. BTIG Research assumed 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 on the stock. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Finally, JMP Securities decreased their price objective on shares of MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating on the stock in a report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.21.

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.