Gerber Kawasaki Wealth & Investment Management trimmed its position in MGM Resorts International (NYSE:MGM - Free Report) by 24.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 339,322 shares of the company's stock after selling 110,094 shares during the period. Gerber Kawasaki Wealth & Investment Management owned approximately 0.12% of MGM Resorts International worth $10,058,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. ArrowMark Colorado Holdings LLC increased its position in MGM Resorts International by 42.8% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock valued at $32,473,000 after buying an additional 280,700 shares in the last quarter. Vontobel Holding Ltd. increased its position in MGM Resorts International by 74.6% in the 1st quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company's stock valued at $646,000 after buying an additional 9,304 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in MGM Resorts International by 60.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock valued at $1,830,000 after buying an additional 23,234 shares in the last quarter. Achmea Investment Management B.V. increased its position in MGM Resorts International by 46.3% in the 1st quarter. Achmea Investment Management B.V. now owns 35,227 shares of the company's stock valued at $1,045,000 after buying an additional 11,152 shares in the last quarter. Finally, Osborne Partners Capital Management LLC boosted its stake in MGM Resorts International by 4.1% during the 1st quarter. Osborne Partners Capital Management LLC now owns 326,197 shares of the company's stock valued at $9,668,000 after purchasing an additional 12,833 shares during the last quarter. 68.11% of the stock is owned by institutional investors.
Insider Buying and Selling at MGM Resorts International
In other news, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.06% of the stock is owned by insiders.
MGM Resorts International Price Performance
Shares of NYSE MGM opened at $39.77 on Thursday. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. The stock's 50 day moving average price is $36.53 and its 200-day moving average price is $33.72. The company has a market capitalization of $10.83 billion, a PE ratio of 21.85, a PEG ratio of 1.82 and a beta of 1.81. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67.
MGM Resorts International (NYSE:MGM - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter in the previous year, the business earned $0.86 EPS. The company's revenue was up 1.8% compared to the same quarter last year. On average, equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.
MGM Resorts International declared that its Board of Directors has authorized a share repurchase program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 22.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on MGM. JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a research note on Thursday, June 26th. Citizens Jmp downgraded MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. Seaport Res Ptn downgraded MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 21st. The Goldman Sachs Group began coverage on MGM Resorts International in a research note on Monday, July 7th. They set a "sell" rating and a $34.00 price target for the company. Finally, Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, MGM Resorts International has a consensus rating of "Moderate Buy" and an average target price of $48.72.
Check Out Our Latest Research Report on MGM
MGM Resorts International Profile
(
Free Report)
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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