Mercer Global Advisors Inc. ADV Trims Position in MGM Resorts International (NYSE:MGM)

Mercer Global Advisors Inc. ADV cut its stake in shares of MGM Resorts International (NYSE:MGM) by 19.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 109,400 shares of the company’s stock after selling 26,840 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in MGM Resorts International were worth $5,250,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MGM. UMB Bank n.a. grew its position in MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after buying an additional 237 shares in the last quarter. Texas Permanent School Fund Corp increased its position in shares of MGM Resorts International by 0.4% in the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after purchasing an additional 245 shares during the last quarter. Mendota Financial Group LLC raised its stake in MGM Resorts International by 36.0% in the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock valued at $47,000 after purchasing an additional 266 shares in the last quarter. Lindbrook Capital LLC raised its stake in MGM Resorts International by 8.2% in the first quarter. Lindbrook Capital LLC now owns 3,550 shares of the company’s stock valued at $168,000 after purchasing an additional 268 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its position in MGM Resorts International by 1.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock valued at $1,018,000 after purchasing an additional 278 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGM Resorts International

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MGM shares. Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Susquehanna upped their price objective on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday, August 1st. UBS Group raised MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Wells Fargo & Company cut their target price on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Finally, BTIG Research initiated 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 for the company. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.93.

MGM Resorts International Stock Down 1.2 %

NYSE MGM opened at $37.31 on Friday. The business’s 50-day moving average is $38.92 and its 200 day moving average is $41.21. The stock has a market capitalization of $11.70 billion, a PE ratio of 14.35, a PEG ratio of 0.64 and a beta of 2.22. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24.

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 the consensus estimate of $0.66 by $0.20. The firm 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 business’s revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.59 earnings per share. Sell-side analysts forecast that MGM Resorts International will post 2.68 earnings per share for the current year.

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.