Cresset Asset Management LLC Sells 44,280 Shares of MGM Resorts International (NYSE:MGM)

Cresset Asset Management LLC lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 77.2% during the 4th quarter, HoldingsChannel reports. The fund owned 13,105 shares of the company’s stock after selling 44,280 shares during the period. Cresset Asset Management LLC’s holdings in MGM Resorts International were worth $454,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Assetmark Inc. lifted its holdings in MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares in the last quarter. Global Trust Asset Management LLC bought a new position in MGM Resorts International in the 4th quarter worth about $28,000. Global Retirement Partners LLC increased its stake in MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after acquiring an additional 404 shares during the last quarter. Quarry LP increased its stake in MGM Resorts International by 750.6% in the 4th quarter. Quarry LP now owns 1,446 shares of the company’s stock worth $50,000 after acquiring an additional 1,276 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in MGM Resorts International by 74.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company’s stock worth $51,000 after acquiring an additional 633 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

MGM has been the topic of a number of research analyst reports. Morgan Stanley decreased their target price on MGM Resorts International from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Barclays increased their price objective on MGM Resorts International from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, May 1st. Needham & Company LLC reiterated a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Argus upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Friday, February 14th. Finally, Leerink Partners lowered MGM Resorts International to a “market perform” rating in a research report on Thursday, February 13th. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.94.

MGM Resorts International Trading Down 1.7%

NYSE MGM opened at $34.35 on Friday. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The stock has a 50 day simple moving average of $30.81 and a two-hundred day simple moving average of $33.87. The stock has a market cap of $9.35 billion, a P/E ratio of 14.31, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.29 billion. During the same quarter last year, the business posted $0.74 EPS. The business’s revenue was down 2.4% on a year-over-year basis. On average, analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its board has approved a share buyback plan on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 22.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the transaction, the chief accounting officer now owns 18,301 shares in the company, valued at $692,509.84. This trade represents a 24.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the transaction, the chief operating officer now owns 281,530 shares of the company’s stock, valued at approximately $9,693,077.90. The trade was a 12.44% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,261 shares of company stock worth $1,788,007. 3.06% of the stock is currently owned by company insiders.

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.