Exchange Traded Concepts LLC Sells 34,670 Shares of MGM Resorts International (NYSE:MGM)

Exchange Traded Concepts LLC lessened its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 38.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 54,629 shares of the company's stock after selling 34,670 shares during the period. Exchange Traded Concepts LLC's holdings in MGM Resorts International were worth $1,619,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. TD Waterhouse Canada Inc. lifted its stake in shares of MGM Resorts International by 8.9% in the 4th quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock valued at $111,000 after purchasing an additional 261 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its holdings in MGM Resorts International by 1.7% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company's stock valued at $684,000 after buying an additional 333 shares in the last quarter. Global Retirement Partners LLC raised its holdings in MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock valued at $43,000 after buying an additional 404 shares in the last quarter. Assetmark Inc. increased its holdings in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after acquiring an additional 411 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in shares of 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 acquiring an additional 469 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the business's stock in a transaction dated 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 directly owns 281,530 shares in the company, valued at $9,693,077.90. The trade was a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The disclosure for this sale can be found here. Insiders sold a total of 105,261 shares of company stock worth $3,486,367 over the last quarter. Company insiders own 3.06% of the company's stock.

MGM Resorts International Stock Performance

MGM traded up $0.41 during trading on Thursday, reaching $33.98. 5,125,089 shares of the company's stock were exchanged, compared to its average volume of 4,887,042. The company has a market capitalization of $9.25 billion, a P/E ratio of 15.17, a PEG ratio of 2.31 and a beta of 1.76. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79. The business has a 50 day moving average price of $31.83 and a 200 day moving average price of $33.00. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The firm's revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.74 EPS. As a group, 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 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 reacquire up to 22.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on MGM shares. JMP Securities reduced their target price on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a report on Thursday, April 17th. Stifel Nicolaus decreased their price objective on shares of MGM Resorts International from $50.00 to $44.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Barclays lifted their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Macquarie decreased their price target on shares of MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Finally, Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.94.

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.