D.A. Davidson & CO. Purchases 10,690 Shares of MGM Resorts International (NYSE:MGM)

D.A. Davidson & CO. raised its stake in MGM Resorts International (NYSE:MGM - Free Report) by 3.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 303,470 shares of the company's stock after buying an additional 10,690 shares during the quarter. D.A. Davidson & CO. owned 0.11% of MGM Resorts International worth $8,995,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Assetmark Inc. increased its position in MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after purchasing an additional 411 shares during the last quarter. Mascagni Wealth Management Inc. acquired a new position in MGM Resorts International in the fourth quarter worth approximately $28,000. Golden State Wealth Management LLC increased its holdings in MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after buying an additional 455 shares during the last quarter. True Wealth Design LLC acquired a new position in MGM Resorts International in the fourth quarter worth approximately $33,000. Finally, CX Institutional acquired a new position in shares of MGM Resorts International during the 1st quarter worth $36,000. 68.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. assumed coverage on shares of MGM Resorts International in a research report on Monday, June 23rd. They set a "neutral" rating and a $38.00 target price on the stock. Citizens Jmp lowered shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Barclays upped their price target on MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Finally, JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $47.24.

MGM Resorts International Stock Down 1.5%

Shares of MGM traded down $0.55 during mid-day trading on Monday, hitting $37.04. 5,116,791 shares of the company's stock were exchanged, compared to its average volume of 4,945,605. 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 current ratio of 1.31 and a quick ratio of 1.26. The company has a 50-day simple moving average of $33.11 and a 200 day simple moving average of $32.86. The company has a market cap of $10.08 billion, a PE ratio of 16.54, a P/E/G ratio of 2.59 and a beta of 1.76.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.19. The firm had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.29 billion. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.74 earnings per share. On average, research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its board has approved a stock buyback plan on Wednesday, April 30th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to buy up to 22.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of the 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction on 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 transaction, the chief operating officer directly owned 281,530 shares of the company's stock, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 105,261 shares of company stock worth $3,486,367. 3.06% of the stock is currently owned by company 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.