Sonora Investment Management Group LLC Sells 5,965 Shares of MGM Resorts International $MGM

Sonora Investment Management Group LLC decreased its holdings in shares of MGM Resorts International (NYSE:MGM) by 5.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 95,875 shares of the company’s stock after selling 5,965 shares during the period. Sonora Investment Management Group LLC’s holdings in MGM Resorts International were worth $3,297,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mascagni Wealth Management Inc. bought a new position in MGM Resorts International during the 4th quarter valued at approximately $28,000. Golden State Wealth Management LLC boosted its holdings in MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock valued at $30,000 after acquiring an additional 455 shares in the last quarter. CX Institutional bought a new stake in MGM Resorts International in the first quarter valued at $36,000. Bayforest Capital Ltd bought a new stake in MGM Resorts International in the first quarter valued at $43,000. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in MGM Resorts International by 66.9% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock valued at $45,000 after acquiring an additional 529 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling

In related news, insider John Mcmanus sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares in the company, valued at approximately $1,138,538.52. The trade was a 65.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Keith A. Meister sold 242,000 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the completion of the transaction, the director owned 5,385,478 shares of the company’s stock, valued at $190,753,630.76. The trade was a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.06% of the company’s stock.

MGM Resorts International Price Performance

NYSE MGM opened at $35.59 on Friday. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The firm has a market capitalization of $9.69 billion, a P/E ratio of 19.55, a PEG ratio of 1.51 and a beta of 1.69. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The company has a 50-day moving average price of $36.56 and a 200-day moving average price of $33.90.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.58 by $0.21. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.86 EPS. Equities research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MGM. Susquehanna boosted their target price on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a “positive” rating in a report on Tuesday, July 29th. Barclays boosted their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, July 18th. Citigroup upgraded shares of MGM Resorts International from a “hold” rating to a “strong-buy” rating and boosted their target price for the company from $55.00 to $57.00 in a report on Wednesday, July 9th. The Goldman Sachs Group began coverage on shares of MGM Resorts International in a report on Monday, July 7th. They set a “sell” rating and a $34.00 target price on the stock. Finally, Mizuho dropped their target price on shares of MGM Resorts International from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and an average price target of $48.61.

MGM Resorts International Company 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.