Miracle Mile Advisors LLC Sells 8,869 Shares of MGM Resorts International (NYSE:MGM)

Miracle Mile Advisors LLC trimmed its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 15.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,131 shares of the company's stock after selling 8,869 shares during the period. Miracle Mile Advisors LLC's holdings in MGM Resorts International were worth $1,456,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MGM. TD Waterhouse Canada Inc. boosted its holdings in MGM Resorts International by 8.9% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock valued at $111,000 after purchasing an additional 261 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its holdings in shares of MGM Resorts International by 1.7% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company's stock worth $684,000 after acquiring an additional 333 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in shares of MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock worth $43,000 after acquiring an additional 404 shares in the last quarter. Assetmark Inc. boosted its holdings in shares of 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 acquiring an additional 411 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of MGM Resorts International by 0.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 146,417 shares of the company's stock worth $5,073,000 after acquiring an additional 469 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total transaction of $183,766.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the director now owns 5,627,478 shares of the company's stock, valued at $180,585,769.02. The trade was a 1.05% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 105,261 shares of company stock worth $3,486,367. Corporate insiders own 3.06% of the company's stock.

MGM Resorts International Trading Down 4.4%

Shares of MGM traded down $1.46 during trading hours on Friday, reaching $31.68. The stock had a trading volume of 5,966,448 shares, compared to its average volume of 4,842,418. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The firm has a 50-day moving average of $31.50 and a 200 day moving average of $33.08. The company has a market cap of $8.62 billion, a P/E ratio of 13.20, a P/E/G ratio of 0.98 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, beating analysts' consensus estimates of $0.50 by $0.19. The business 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 4.33% and a return on equity of 21.08%. The firm's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 EPS. On average, sell-side analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has approved a share repurchase program on Wednesday, April 30th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 22.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

MGM has been the subject of several research analyst reports. Truist Financial dropped their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Citigroup boosted their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Susquehanna boosted their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research report on Thursday, May 1st. JMP Securities dropped their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a research report on Thursday, April 17th. Finally, Barclays boosted their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Five analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.94.

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.