SG Americas Securities LLC Decreases Position in MGM Resorts International $MGM

SG Americas Securities LLC cut its holdings in MGM Resorts International (NYSE:MGM) by 55.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 107,173 shares of the company’s stock after selling 134,040 shares during the period. SG Americas Securities LLC’s holdings in MGM Resorts International were worth $3,686,000 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. Key Colony Management LLC grew its position in MGM Resorts International by 9.8% during the 2nd quarter. Key Colony Management LLC now owns 615,000 shares of the company’s stock worth $21,150,000 after acquiring an additional 55,000 shares during the last quarter. Ground Swell Capital LLC purchased a new stake in shares of MGM Resorts International during the first quarter valued at approximately $248,000. American Assets Inc. grew its holdings in shares of MGM Resorts International by 66.7% in the second quarter. American Assets Inc. now owns 30,000 shares of the company’s stock worth $950,000 after purchasing an additional 12,000 shares during the last quarter. Allianz Asset Management GmbH grew its holdings in shares of MGM Resorts International by 1,371.5% in the second quarter. Allianz Asset Management GmbH now owns 446,650 shares of the company’s stock worth $15,360,000 after purchasing an additional 416,297 shares during the last quarter. Finally, Chemistry Wealth Management LLC increased its stake in shares of MGM Resorts International by 147.4% in the second quarter. Chemistry Wealth Management LLC now owns 20,536 shares of the company’s stock worth $706,000 after buying an additional 12,236 shares during the period. 68.11% of the stock is owned by institutional investors.

Insider Buying and Selling at MGM Resorts International

In other news, insider John Mcmanus sold 60,000 shares of the business’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the sale, the insider 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 filing with the SEC, which is accessible through the SEC website. Also, Director Keith A. Meister sold 242,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the sale, the director directly owned 5,385,478 shares in the company, valued at $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 3.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MGM has been the subject of several analyst reports. Macquarie dropped their price target on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, October 2nd. Mizuho set a $62.00 target price on MGM Resorts International in a research note on Thursday, October 30th. Susquehanna boosted their price target on MGM Resorts International from $50.00 to $60.00 and gave the company a “positive” rating in a report on Tuesday, July 29th. Citigroup dropped their price objective on MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a report on Thursday, October 30th. Finally, Argus cut their price objective on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, November 14th. Thirteen research analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, MGM Resorts International currently has a consensus rating of “Hold” and an average price target of $45.97.

MGM Resorts International Stock Performance

Shares of MGM opened at $31.41 on Wednesday. The company has a 50-day simple moving average of $33.29 and a two-hundred day simple moving average of $34.57. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. The firm has a market capitalization of $8.59 billion, a PE ratio of 196.29, a price-to-earnings-growth ratio of 1.40 and a beta of 1.66. MGM Resorts International has a one year low of $25.30 and a one year high of $41.32.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.13). The firm had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.24 billion. MGM Resorts International had a return on equity of 16.95% and a net margin of 0.40%.The firm’s revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 EPS. On average, analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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.