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 lessened its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 66.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,319 shares of the company's stock after selling 16,387 shares during the quarter. Jump Financial LLC's holdings in MGM Resorts International were worth $247,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Mascagni Wealth Management Inc. acquired a new position in MGM Resorts International in the fourth quarter valued at $28,000. Golden State Wealth Management LLC raised its stake in MGM Resorts International by 83.5% during the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after purchasing an additional 455 shares during the period. CX Institutional acquired a new position in shares of MGM Resorts International in the first quarter worth $36,000. Bayforest Capital Ltd bought a new stake in MGM Resorts International during the first quarter valued at about $43,000. Finally, UMB Bank n.a. raised its position in MGM Resorts International by 91.0% in the first quarter. UMB Bank n.a. now owns 1,616 shares of the company's stock worth $48,000 after purchasing an additional 770 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.

Analyst Upgrades and Downgrades

Several equities 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 raised their price target for the company from $55.00 to $57.00 in a research note on Wednesday, July 9th. Stifel Nicolaus increased their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Barclays boosted their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. JMP Securities restated a "market perform" rating on shares of MGM Resorts International in a research note on Thursday, June 26th. Finally, Susquehanna raised their price objective on MGM Resorts International from $50.00 to $60.00 and gave the stock a "positive" rating in a report on Tuesday, July 29th. One 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 issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $48.83.

MGM Resorts International Stock Down 0.8%

Shares of MGM traded down $0.28 during trading hours on Monday, hitting $36.40. The stock had a trading volume of 2,160,769 shares, compared to its average volume of 5,242,908. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $42.53. The firm has a 50 day simple moving average of $37.18 and a 200-day simple moving average of $33.71. The firm has a market capitalization of $9.91 billion, a P/E ratio of 20.04, a price-to-earnings-growth ratio of 1.55 and a beta of 1.69. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18.

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 (EPS) for the quarter, topping 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 analyst estimates of $4.28 billion. During the same quarter in the prior year, the company earned $0.86 EPS. The business's revenue was up 1.8% compared to the same quarter last year. Sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Keith A. Meister sold 60,000 shares of the business'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 transaction, the director directly owned 5,627,478 shares in the company, valued at $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.06% of the stock is owned by corporate insiders.

About MGM Resorts International

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.