Citigroup Inc. Lowers Stock Holdings in MGM Resorts International (NYSE:MGM)

Citigroup Inc. trimmed its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 17.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 526,947 shares of the company's stock after selling 113,741 shares during the period. Citigroup Inc. owned approximately 0.19% of MGM Resorts International worth $15,619,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in MGM. Mascagni Wealth Management Inc. purchased a new position in MGM Resorts International in the 4th quarter worth approximately $28,000. Golden State Wealth Management LLC grew its position in MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after purchasing an additional 455 shares during the period. True Wealth Design LLC bought a new stake in shares of MGM Resorts International during the 4th quarter valued at $33,000. CX Institutional bought a new stake in shares of MGM Resorts International during the 1st quarter valued at $36,000. Finally, Bayforest Capital Ltd bought a new stake in shares of MGM Resorts International during the 1st quarter valued at $43,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Stock Up 3.0%

Shares of MGM stock opened at $36.45 on Thursday. The stock has a market cap of $9.92 billion, a P/E ratio of 20.03, a PEG ratio of 1.67 and a beta of 1.81. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The company's fifty day simple moving average is $35.67 and its two-hundred day simple moving average is $33.51.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.58 by $0.21. The business had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business's quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.86 EPS. Analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on MGM shares. Citigroup raised shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and boosted their price objective for the company from $55.00 to $57.00 in a research report on Wednesday, July 9th. Seaport Res Ptn downgraded shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. Citizens Jmp downgraded shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. Susquehanna boosted their price objective on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a "positive" rating in a research report on Tuesday, July 29th. Finally, Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.72.

Insider Activity

In other news, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction dated 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 sale, the director directly owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.06% of the company's stock.

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.

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