Jump Financial LLC Sells 16,387 Shares of MGM Resorts International $MGM

Key Points

• Jump Financial LLC has reduced its stake in MGM Resorts International by 66.3%, now holding only 8,319 shares valued at approximately $247,000.
• The company's stock price recently experienced a decline of 2.1%, with shares opening at $38.09.
• MGM Resorts International exceeded earnings expectations, reporting an EPS of $0.79 against a consensus estimate of $0.58, and a revenue of $4.40 billion for the quarter.

Jump Financial LLC decreased its position in MGM Resorts International (NYSE:MGM - Free Report) by 66.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 8,319 shares of the company's stock after selling 16,387 shares during the period. Jump Financial LLC's holdings in MGM Resorts International were worth $247,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its holdings in shares of MGM Resorts International by 12.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 25,246 shares of the company's stock worth $748,000 after purchasing an additional 2,830 shares during the last quarter. Allstate Corp lifted its stake in MGM Resorts International by 190.8% in the first quarter. Allstate Corp now owns 18,682 shares of the company's stock worth $554,000 after acquiring an additional 12,258 shares during the period. Norinchukin Bank The lifted its stake in MGM Resorts International by 15.2% in the first quarter. Norinchukin Bank The now owns 12,309 shares of the company's stock worth $365,000 after acquiring an additional 1,628 shares during the period. Credit Agricole S A lifted its stake in MGM Resorts International by 50.1% in the first quarter. Credit Agricole S A now owns 134,855 shares of the company's stock worth $3,997,000 after acquiring an additional 45,012 shares during the period. Finally, Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in MGM Resorts International by 125.9% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 21,752 shares of the company's stock worth $647,000 after acquiring an additional 12,124 shares during the period. Institutional investors own 68.11% of the company's stock.

Insider Buying and Selling at MGM Resorts International

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Citizens Jmp lowered MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. Wall Street Zen raised MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Stifel Nicolaus raised their price target on MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. JMP Securities reaffirmed a "market perform" rating on shares of MGM Resorts International in a research note on Thursday, June 26th. Finally, JPMorgan Chase & Co. assumed coverage on MGM Resorts International in a research note on Monday, June 23rd. They issued a "neutral" rating and a $38.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $48.83.

MGM Resorts International Stock Up 0.1%

MGM Resorts International stock traded up $0.05 on Tuesday, hitting $36.25. 610,573 shares of the stock traded hands, compared to its average volume of 5,228,957. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $42.53. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The business's fifty day simple moving average is $37.22 and its 200 day simple moving average is $33.71. The firm has a market cap of $9.87 billion, a P/E ratio of 19.95, a price-to-earnings-growth ratio of 1.55 and a beta of 1.69.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.28 billion. During the same period last year, the company earned $0.86 earnings per share. The company's revenue was up 1.8% on a year-over-year basis. As a group, sell-side analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

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.