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

Exchange Traded Concepts LLC reduced its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 38.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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.

Several other institutional investors have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in MGM Resorts International during the first quarter valued at approximately $89,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of MGM Resorts International by 60.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock worth $1,830,000 after buying an additional 23,234 shares during the last quarter. Union Bancaire Privee UBP SA increased its holdings in shares of MGM Resorts International by 16.7% during the first quarter. Union Bancaire Privee UBP SA now owns 5,935 shares of the company's stock worth $180,000 after buying an additional 849 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of MGM Resorts International by 3.6% during the first quarter. Fifth Third Bancorp now owns 15,328 shares of the company's stock worth $454,000 after buying an additional 535 shares in the last quarter. Finally, CX Institutional acquired a new position in shares of MGM Resorts International during the first quarter worth $36,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. JMP Securities lowered their price target on shares of 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. Susquehanna upped their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a report on Thursday, May 1st. Barclays upped their price target 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. Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Truist Financial lowered their price target on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Five analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, MGM Resorts International presently has an average rating of "Moderate Buy" and a consensus price target of $48.94.

MGM Resorts International Trading Down 0.5%

Shares of MGM stock traded down $0.16 during mid-day trading on Friday, hitting $33.78. The company's stock had a trading volume of 11,128,278 shares, compared to its average volume of 4,900,978. The company's fifty day simple moving average is $32.02 and its 200-day simple moving average is $32.91. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31. The company has a market cap of $9.19 billion, a PE ratio of 15.08, a P/E/G ratio of 2.33 and a beta of 1.76.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share 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 firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period last year, the company posted $0.74 EPS. The business's quarterly revenue was down 2.4% on a year-over-year basis. As a group, equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has initiated a share 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 shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at MGM Resorts International

In other news, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction dated 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 now directly owns 281,530 shares of the company's stock, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,261 shares of company stock valued at $3,486,367. 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.