Triton Wealth Management PLLC Reduces Holdings in MGM Resorts International (NYSE:MGM)

Triton Wealth Management PLLC reduced its position in MGM Resorts International (NYSE:MGM) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,111 shares of the company’s stock after selling 400 shares during the period. Triton Wealth Management PLLC’s holdings in MGM Resorts International were worth $584,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MGM. Capital World Investors raised its stake in shares of MGM Resorts International by 17.7% in the 4th quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after purchasing an additional 984,617 shares in the last quarter. Boston Partners lifted its holdings in MGM Resorts International by 12.6% during the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after buying an additional 684,676 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of MGM Resorts International by 5.2% in the 4th quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock worth $194,686,000 after acquiring an additional 213,528 shares in the last quarter. Bamco Inc. NY increased its holdings in shares of MGM Resorts International by 3.6% in the 1st quarter. Bamco Inc. NY now owns 2,101,065 shares of the company’s stock valued at $99,191,000 after acquiring an additional 73,515 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of MGM Resorts International by 174.8% during the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after acquiring an additional 706,159 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

MGM stock traded up $0.76 during trading hours on Friday, hitting $40.43. 3,635,664 shares of the stock traded hands, compared to its average volume of 4,120,659. The stock has a 50-day simple moving average of $37.79 and a 200 day simple moving average of $40.93. The company has a market cap of $12.68 billion, a P/E ratio of 15.55, a P/E/G ratio of 0.68 and a beta of 2.22. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24. 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 (NYSE:MGM) last released its earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. The business had revenue of $4.33 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.59 EPS. Equities analysts forecast that MGM Resorts International will post 2.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

MGM has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday. BTIG Research initiated coverage on shares of MGM Resorts International in a research note on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective on the stock. Susquehanna raised their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday, August 1st. Stifel Nicolaus upped their target price on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Morgan Stanley cut their price target 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. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.93.

Insider Activity

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average price of $34.00 per share, with a total value of $340,000.00. Following the purchase, the chief financial officer now owns 38,299 shares of the company’s stock, valued at $1,302,166. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average cost of $34.00 per share, with a total value of $340,000.00. Following the completion of the purchase, the chief financial officer now owns 38,299 shares in the company, valued at approximately $1,302,166. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 216,400 shares of company stock worth $7,312,197. Insiders own 2.13% of the company’s stock.

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.