Bleakley Financial Group LLC Sells 1,079 Shares of MGM Resorts International (NYSE:MGM)

Bleakley Financial Group LLC lessened its holdings in shares of MGM Resorts International (NYSE:MGM) by 11.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,307 shares of the company’s stock after selling 1,079 shares during the quarter. Bleakley Financial Group LLC’s holdings in MGM Resorts International were worth $325,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. International Assets Investment Management LLC bought a new stake in shares of MGM Resorts International during the 2nd quarter worth approximately $28,000. EverSource Wealth Advisors LLC grew its stake in MGM Resorts International by 60.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after buying an additional 329 shares during the last quarter. UMB Bank n.a. grew its stake in MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after buying an additional 237 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in MGM Resorts International during the 2nd quarter worth $49,000. Finally, Mendota Financial Group LLC grew its stake in MGM Resorts International by 61.0% during the 3rd quarter. Mendota Financial Group LLC now owns 1,616 shares of the company’s stock valued at $63,000 after purchasing an additional 612 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

Insider Activity at MGM Resorts International

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the acquisition, the chief financial officer now owns 38,299 shares in the company, valued at approximately $1,302,166. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other MGM Resorts International news, CFO Jonathan S. Halkyard purchased 10,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were bought at an average price of $34.00 per share, with a total value of $340,000.00. Following the completion of the acquisition, 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Hornbuckle acquired 58,900 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the purchase, the chief executive officer now directly owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 216,400 shares of company stock worth $7,312,197. Corporate insiders own 2.13% of the company’s stock.

MGM Resorts International Price Performance

MGM stock opened at $40.52 on Wednesday. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. 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’s 50 day moving average price is $38.30 and its 200 day moving average price is $40.38. The firm has a market cap of $12.71 billion, a P/E ratio of 15.58, a PEG ratio of 0.92 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.20. The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. MGM Resorts International’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 EPS. On average, sell-side analysts expect that MGM Resorts International will post 2.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on MGM shares. Macquarie dropped their price target on 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. Deutsche Bank Aktiengesellschaft lowered their price target on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Wells Fargo & Company lowered their price target on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Susquehanna increased their price target on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, August 1st. Finally, Barclays lowered their price target on MGM Resorts International from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Four 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 a consensus rating of “Moderate Buy” and an average target price of $53.64.

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.