SG Americas Securities LLC Purchases 237,370 Shares of MGM Resorts International (NYSE:MGM)

SG Americas Securities LLC grew its position in shares of MGM Resorts International (NYSE:MGM) by 6,176.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 241,213 shares of the company’s stock after buying an additional 237,370 shares during the period. SG Americas Securities LLC’s holdings in MGM Resorts International were worth $7,150,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Assetmark Inc. increased its position 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 buying an additional 411 shares during the period. Mascagni Wealth Management Inc. bought a new position in MGM Resorts International during the 4th quarter worth $28,000. True Wealth Design LLC bought a new position in MGM Resorts International during the 4th quarter worth $33,000. Global Retirement Partners LLC increased its position in MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after buying an additional 404 shares during the period. Finally, UMB Bank n.a. increased its position in MGM Resorts International by 91.0% during the 1st quarter. UMB Bank n.a. now owns 1,616 shares of the company’s stock worth $48,000 after buying an additional 770 shares during the period. Institutional investors own 68.11% of the company’s stock.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction dated Monday, May 12th. The stock was 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 directly owns 281,530 shares in the company, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by insiders.

MGM Resorts International Stock Performance

NYSE:MGM opened at $33.21 on Thursday. The stock’s 50-day simple moving average is $31.25 and its 200 day simple moving average is $33.15. The firm has a market capitalization of $9.04 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 0.98 and a beta of 1.76. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $47.26.

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, beating the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. MGM Resorts International’s revenue was down 2.4% compared to the same quarter last year. During the same period last year, the firm posted $0.74 earnings per share. On average, analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its Board of Directors has initiated a share buyback program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have weighed in on MGM. Capital One Financial increased their price objective on MGM Resorts International from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Wells Fargo & Company increased their target price on MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Leerink Partners lowered MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Susquehanna increased their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a report on Thursday, May 1st. Finally, Wedbush reissued an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.94.

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.