MCF Advisors LLC Sells 9,306 Shares of MGM Resorts International $MGM

Key Points

• MCF Advisors LLC reduced its stake in MGM Resorts International by 42.5%, selling 9,306 shares and holding a total of 12,601 shares worth approximately $433,000.
• Insider trading activity included significant sales by director Keith A. Meister, who sold 242,000 shares for over $8.5 million, reducing his ownership of the stock by 4.30%.
• MGM Resorts International reported a quarterly earnings per share of $0.79, surpassing analyst expectations of $0.58, with revenue reaching $4.40 billion for the quarter.

MCF Advisors LLC lessened its stake in MGM Resorts International (NYSE:MGM - Free Report) by 42.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,601 shares of the company's stock after selling 9,306 shares during the period. MCF Advisors LLC's holdings in MGM Resorts International were worth $433,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Mascagni Wealth Management Inc. bought a new stake in shares of MGM Resorts International in the 4th quarter valued at about $28,000. Golden State Wealth Management LLC grew its position in shares of MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after buying an additional 455 shares during the last quarter. CX Institutional bought a new stake in shares of MGM Resorts International in the 1st quarter valued at about $36,000. MassMutual Private Wealth & Trust FSB grew its position in shares of MGM Resorts International by 66.9% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company's stock valued at $45,000 after buying an additional 529 shares during the last quarter. Finally, Bayforest Capital Ltd acquired a new position in shares of MGM Resorts International in the 1st quarter valued at about $43,000. Institutional investors own 68.11% of the company's stock.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the transaction, the director directly owned 5,385,478 shares of the company's stock, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Mcmanus sold 60,000 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the transaction, the insider directly owned 31,521 shares of the company's stock, valued at approximately $1,138,538.52. This trade represents a 65.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by corporate insiders.

MGM Resorts International Stock Performance

MGM stock opened at $34.55 on Tuesday. The business has a 50 day moving average of $36.77 and a 200-day moving average of $33.82. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $42.53. The firm has a market cap of $9.40 billion, a PE ratio of 18.98, a P/E/G ratio of 1.51 and a beta of 1.69. 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 quarterly earnings data 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 business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same period in the prior year, the company earned $0.86 earnings per share. MGM Resorts International's revenue was up 1.8% compared to the same quarter last year. As a group, sell-side analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. 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 objective on the stock. Mizuho dropped their price objective on MGM Resorts International from $58.00 to $56.00 and set an "outperform" rating on the stock in a research note on Monday. Barclays boosted their price objective on MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Stifel Nicolaus boosted their price objective on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Truist Financial boosted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $48.56.

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.

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