Parallel Advisors LLC Sells 460 Shares of MGM Resorts International (NYSE:MGM)

Parallel Advisors LLC cut its stake in MGM Resorts International (NYSE:MGM) by 5.9% in the 2nd quarter, Holdings Channel reports. The fund owned 7,390 shares of the company’s stock after selling 460 shares during the quarter. Parallel Advisors LLC’s holdings in MGM Resorts International were worth $328,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MGM. International Assets Investment Management LLC purchased a new position in shares of MGM Resorts International during the second quarter worth approximately $28,000. EverSource Wealth Advisors LLC grew its holdings in shares of MGM Resorts International by 60.7% during the 1st 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. raised its position in MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after purchasing an additional 237 shares during the period. Accent Capital Management LLC bought a new stake in MGM Resorts International in the fourth quarter worth $45,000. Finally, Mendota Financial Group LLC boosted its position in 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 buying an additional 266 shares during the period. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MGM has been the topic of several analyst reports. Morgan Stanley decreased their price objective on 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. JMP Securities dropped their price objective on 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 target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Wells Fargo & Company dropped 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. Finally, Susquehanna boosted their price objective on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.93.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $36.96 on Thursday. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The stock’s 50 day simple moving average is $39.39 and its two-hundred day simple moving average is $41.31. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47. The stock has a market cap of $11.59 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 0.64 and a beta of 2.22.

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

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Paul J. Salem bought 147,500 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the purchase, the director now owns 1,702,500 shares in the company, valued at approximately $57,544,500. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction 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 transaction, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. The disclosure for this sale can be found here. Insiders have acquired 216,400 shares of company stock valued at $7,312,197 in the last three months. 2.13% of the stock is currently owned by company insiders.

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.