Sequoia Financial Advisors LLC Raises Stock Position in MGM Resorts International $MGM

Sequoia Financial Advisors LLC raised its holdings in shares of MGM Resorts International (NYSE:MGM) by 149.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,930 shares of the company’s stock after acquiring an additional 20,939 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in MGM Resorts International were worth $1,293,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. CYBER HORNET ETFs LLC purchased a new stake in shares of MGM Resorts International during the second quarter worth about $25,000. Global Retirement Partners LLC lifted its holdings in MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after purchasing an additional 281 shares in the last quarter. Elyxium Wealth LLC bought a new position in MGM Resorts International in the 4th quarter worth approximately $42,000. City Holding Co. bought a new position in MGM Resorts International in the 4th quarter worth approximately $44,000. Finally, Stance Capital LLC purchased a new stake in MGM Resorts International during the 3rd quarter valued at approximately $46,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Stock Up 0.1%

Shares of MGM opened at $46.88 on Friday. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. The stock has a market capitalization of $12.00 billion, a price-to-earnings ratio of 65.12 and a beta of 1.29. MGM Resorts International has a 1 year low of $29.18 and a 1 year high of $51.59. The business’s 50 day simple moving average is $44.61 and its 200-day simple moving average is $39.25.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The business had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.37 billion. During the same period last year, the business posted $0.69 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, equities analysts expect that MGM Resorts International will post 1.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MGM has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. UBS Group set a $48.00 target price on shares of MGM Resorts International in a research report on Thursday, July 2nd. Morgan Stanley reaffirmed an “underweight” rating on shares of MGM Resorts International in a research note on Monday, June 1st. Citigroup lifted their price target on shares of MGM Resorts International from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, July 2nd. Finally, Susquehanna boosted their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a research note on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, MGM Resorts International presently has an average rating of “Hold” and an average target price of $52.31.

Insider Buying and Selling

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.38% of the stock is owned by company insiders.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.