Cambridge Investment Research Advisors Inc. Cuts Stock Position in MGM Resorts International (NYSE:MGM)

Cambridge Investment Research Advisors Inc. trimmed its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 31.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,374 shares of the company's stock after selling 15,333 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in MGM Resorts International were worth $989,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. TD Waterhouse Canada Inc. boosted its holdings in shares of MGM Resorts International by 8.9% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock worth $111,000 after buying an additional 261 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its holdings in shares of MGM Resorts International by 1.7% during the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company's stock worth $684,000 after buying an additional 333 shares during the period. State of Alaska Department of Revenue boosted its holdings in shares of MGM Resorts International by 1.6% during the 1st quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company's stock worth $776,000 after buying an additional 410 shares during the period. Assetmark Inc. boosted its holdings in MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after purchasing an additional 411 shares during the period. Finally, Commonwealth Equity Services LLC boosted its holdings in MGM Resorts International by 0.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 146,417 shares of the company's stock valued at $5,073,000 after purchasing an additional 469 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Trading Down 1.1%

NYSE MGM traded down $0.42 during trading hours on Monday, hitting $37.17. 1,346,140 shares of the company's stock were exchanged, compared to its average volume of 4,931,249. The stock has a 50-day simple moving average of $33.11 and a 200 day simple moving average of $32.86. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The firm has a market cap of $10.12 billion, a price-to-earnings ratio of 16.65, a PEG ratio of 2.59 and a beta of 1.76. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The business had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.29 billion. During the same quarter last year, the firm posted $0.74 earnings per share. The firm's revenue was down 2.4% on a year-over-year basis. On average, equities analysts forecast that MGM Resorts International will post 2.21 EPS 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 repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the transaction, the director owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Corey Ian Sanders sold 40,000 shares of the business's stock in a transaction on 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 directly owned 281,530 shares in the company, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,261 shares of company stock valued at $3,486,367 over the last 90 days. Company insiders own 3.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. began coverage on shares of MGM Resorts International in a report on Monday, June 23rd. They issued a "neutral" rating and a $38.00 target price for the company. Susquehanna raised their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a research note on Thursday, May 1st. Morgan Stanley lowered their price objective on shares of MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Finally, Citizens Jmp lowered shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $47.24.

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.