MGM Resorts International (NYSE:MGM) Shares Sold by Cambridge Investment Research Advisors Inc.

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

A number of other hedge funds also recently bought and sold shares of MGM. Jones Financial Companies Lllp raised its holdings in MGM Resorts International by 56.4% in the 4th quarter. Jones Financial Companies Lllp now owns 14,616 shares of the company's stock valued at $506,000 after acquiring an additional 5,272 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of MGM Resorts International in the 4th quarter valued at approximately $57,000. Charles Schwab Investment Management Inc. grew its stake in shares of MGM Resorts International by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company's stock valued at $79,110,000 after buying an additional 38,749 shares during the period. Assetmark Inc. grew its stake in shares of 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 buying an additional 411 shares during the period. Finally, Atria Investments Inc grew its stake in shares of MGM Resorts International by 7.2% in the 4th quarter. Atria Investments Inc now owns 39,909 shares of the company's stock valued at $1,383,000 after buying an additional 2,671 shares during the period. Institutional investors and hedge funds own 68.11% of the company's stock.

Insider Activity

In other news, COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer directly owned 281,530 shares in the company, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Keith A. Meister sold 60,000 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director owned 5,627,478 shares in the company, valued at $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,261 shares of company stock worth $3,486,367. 3.06% of the stock is currently owned by corporate insiders.

MGM Resorts International Stock Up 0.5%

Shares of MGM traded up $0.17 during midday trading on Wednesday, reaching $37.69. The stock had a trading volume of 2,892,326 shares, compared to its average volume of 4,950,486. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The company's fifty day simple moving average is $33.45 and its two-hundred day simple moving average is $32.94. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 16.83, a PEG ratio of 2.58 and a beta of 1.76. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.19. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same period last year, the business earned $0.74 EPS. The company's revenue was down 2.4% on a year-over-year basis. Equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International announced that its Board of Directors has approved a stock buyback program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MGM shares. Susquehanna increased 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. UBS Group increased their price target on shares of MGM Resorts International from $37.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Stifel Nicolaus dropped their price target on shares of MGM Resorts International from $50.00 to $44.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Barclays lifted their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.33.

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.