MGM Resorts International (NYSE:MGM) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC trimmed its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 77.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,105 shares of the company's stock after selling 44,280 shares during the quarter. Cresset Asset Management LLC's holdings in MGM Resorts International were worth $454,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MGM. Czech National Bank boosted its stake in shares of MGM Resorts International by 4.3% in the 4th quarter. Czech National Bank now owns 49,063 shares of the company's stock valued at $1,700,000 after buying an additional 2,043 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of MGM Resorts International by 80.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company's stock valued at $12,411,000 after buying an additional 159,522 shares during the period. Empirical Asset Management LLC purchased a new position in shares of MGM Resorts International in the 4th quarter valued at about $3,418,000. Merit Financial Group LLC purchased a new stake in MGM Resorts International during the fourth quarter worth approximately $243,000. Finally, Ameritas Advisory Services LLC lifted its stake in MGM Resorts International by 6.3% during the fourth quarter. Ameritas Advisory Services LLC now owns 26,715 shares of the company's stock worth $926,000 after purchasing an additional 1,585 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction, the chief operating officer now owns 281,530 shares in the company, valued at $9,693,077.90. This trade represents a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,261 shares of company stock worth $1,788,007 over the last three months. 3.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

MGM has been the subject of several recent analyst reports. Needham & Company LLC restated a "buy" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Susquehanna boosted their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research note on Thursday, May 1st. Citigroup boosted their target price on MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Wedbush reaffirmed an "outperform" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, Barclays boosted their target price on MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, MGM Resorts International has an average rating of "Moderate Buy" and a consensus price target of $48.94.

MGM Resorts International Price Performance

Shares of NYSE:MGM traded down $0.43 on Friday, hitting $33.96. The company had a trading volume of 4,680,480 shares, compared to its average volume of 4,754,259. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26. The business has a 50 day moving average of $30.87 and a 200 day moving average of $33.74. The company has a market cap of $9.24 billion, a PE ratio of 14.15, a PEG ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the prior year, the business earned $0.74 earnings per share. The business's revenue was down 2.4% on a year-over-year basis. As a group, equities analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has authorized a stock buyback program on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows 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 management believes its stock is undervalued.

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.