Cerity Partners LLC Lowers Stock Holdings in MGM Resorts International (NYSE:MGM)

Cerity Partners LLC cut its holdings in MGM Resorts International (NYSE:MGM) by 14.6% during the third quarter, Holdings Channel reports. The institutional investor owned 32,881 shares of the company’s stock after selling 5,618 shares during the quarter. Cerity Partners LLC’s holdings in MGM Resorts International were worth $1,285,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of MGM. B. Riley Wealth Advisors Inc. boosted its stake in shares of MGM Resorts International by 12.7% in the first quarter. B. Riley Wealth Advisors Inc. now owns 5,955 shares of the company’s stock valued at $281,000 after buying an additional 670 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of MGM Resorts International by 78.5% in the first quarter. Cetera Investment Advisers now owns 64,323 shares of the company’s stock valued at $3,037,000 after buying an additional 28,288 shares in the last quarter. Cetera Advisors LLC boosted its stake in shares of MGM Resorts International by 211.3% in the first quarter. Cetera Advisors LLC now owns 31,679 shares of the company’s stock valued at $1,496,000 after buying an additional 21,503 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of MGM Resorts International by 60.7% in the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 329 shares in the last quarter. Finally, DNB Asset Management AS boosted its stake in shares of MGM Resorts International by 8.5% in the second quarter. DNB Asset Management AS now owns 42,723 shares of the company’s stock valued at $1,899,000 after buying an additional 3,334 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the sale, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This represents a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.83% of the stock is owned by company insiders.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $37.51 on Wednesday. The firm has a market capitalization of $11.17 billion, a P/E ratio of 13.40, a PEG ratio of 2.73 and a beta of 2.20. The stock has a fifty day moving average price of $38.73 and a 200 day moving average price of $39.57. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period last year, the firm posted $0.64 EPS. MGM Resorts International’s revenue was up 5.3% on a year-over-year basis. Equities research analysts anticipate that MGM Resorts International will post 2.5 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MGM. Mizuho reduced their price objective on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Wells Fargo & Company reduced their price objective on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft reduced their price objective on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. JMP Securities reduced their price objective on MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating for the company in a report on Monday, November 25th. Finally, UBS Group raised MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.85.

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.