Chemistry Wealth Management LLC Takes $246,000 Position in MGM Resorts International (NYSE:MGM)

Chemistry Wealth Management LLC acquired a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 8,300 shares of the company's stock, valued at approximately $246,000.

Other institutional investors have also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in MGM Resorts International during the 1st quarter worth approximately $56,000. Triangle Securities Wealth Management grew its position in MGM Resorts International by 4.9% during the 1st quarter. Triangle Securities Wealth Management now owns 24,314 shares of the company's stock worth $721,000 after acquiring an additional 1,143 shares during the last quarter. Merit Financial Group LLC grew its position in MGM Resorts International by 85.0% during the 1st quarter. Merit Financial Group LLC now owns 12,968 shares of the company's stock worth $384,000 after acquiring an additional 5,960 shares during the last quarter. Czech National Bank grew its position in MGM Resorts International by 4.7% during the 1st quarter. Czech National Bank now owns 51,386 shares of the company's stock worth $1,523,000 after acquiring an additional 2,323 shares during the last quarter. Finally, Rhumbline Advisers grew its position in MGM Resorts International by 18.0% during the 1st quarter. Rhumbline Advisers now owns 450,116 shares of the company's stock worth $13,341,000 after acquiring an additional 68,502 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. JMP Securities reduced their price target on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating on the stock in a research report on Thursday, April 17th. Morgan Stanley reduced their price target on MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Leerink Partners lowered MGM Resorts International to a "market perform" rating in a research report on Thursday, February 13th. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Wedbush reiterated an "outperform" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $48.94.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International 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 transaction, the chief operating officer now owns 281,530 shares of the company's stock, valued at $9,693,077.90. The trade was a 12.44% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is owned by company insiders.

MGM Resorts International Trading Up 1.9%

MGM opened at $31.88 on Friday. The stock has a market cap of $8.68 billion, a PE ratio of 13.28, a PEG ratio of 0.98 and a beta of 1.78. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The business has a 50 day moving average of $30.98 and a 200-day moving average of $33.25. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26.

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, beating analysts' consensus estimates of $0.50 by $0.19. The company had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The firm's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.74 EPS. Equities research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its Board of Directors has initiated a share buyback plan on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 22.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

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.

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