Sequoia Financial Advisors LLC Reduces Holdings in MGM Resorts International (NYSE:MGM)

Sequoia Financial Advisors LLC lowered its position in MGM Resorts International (NYSE:MGM - Free Report) by 77.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,016 shares of the company's stock after selling 44,895 shares during the period. Sequoia Financial Advisors LLC's holdings in MGM Resorts International were worth $386,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. TD Waterhouse Canada Inc. boosted its position in MGM Resorts International by 8.9% in the fourth quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock worth $111,000 after purchasing an additional 261 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its position in MGM Resorts International by 1.7% in the fourth 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 purchasing an additional 333 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in shares of MGM Resorts International by 1.6% in the 1st quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company's stock worth $776,000 after purchasing an additional 410 shares during the period. Assetmark Inc. lifted its stake 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 purchasing an additional 411 shares during the period. Finally, Golden State Wealth Management LLC lifted its stake 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 worth $30,000 after purchasing an additional 455 shares during the period. 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 Daniel J. Taylor sold 5,261 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the transaction, the chief operating officer directly owned 281,530 shares of the company's stock, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,261 shares of company stock worth $3,486,367 in the last quarter. 3.06% of the stock is owned by corporate insiders.

MGM Resorts International Price Performance

MGM traded down $0.23 during trading on Friday, hitting $37.45. 2,311,196 shares of the company traded hands, compared to its average volume of 4,944,924. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. The company has a market cap of $10.19 billion, a PE ratio of 16.72, a P/E/G ratio of 2.59 and a beta of 1.76. The stock's 50-day simple moving average is $33.11 and its two-hundred day simple moving average is $32.86. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.19. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The business's quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.74 earnings per share. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has authorized a share repurchase plan on Wednesday, April 30th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to purchase up to 22.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Morgan Stanley lowered their price objective on shares of MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Barclays increased 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 note on Thursday, May 1st. Susquehanna increased 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 note on Thursday, May 1st. JPMorgan Chase & Co. assumed coverage on shares of 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. Finally, Stifel Nicolaus lowered their price objective on shares of MGM Resorts International from $50.00 to $44.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $48.06.

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.