Stratos Wealth Partners LTD. Sells 8,614 Shares of MGM Resorts International (NYSE:MGM)

Stratos Wealth Partners LTD. lessened its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 53.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,587 shares of the company's stock after selling 8,614 shares during the quarter. Stratos Wealth Partners LTD.'s holdings in MGM Resorts International were worth $225,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. TD Waterhouse Canada Inc. raised its stake in MGM Resorts International by 8.9% in the 4th 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 during the last quarter. Amalgamated Bank raised its stake in MGM Resorts International by 0.8% in the 1st quarter. Amalgamated Bank now owns 43,933 shares of the company's stock valued at $1,302,000 after purchasing an additional 329 shares during the last quarter. State of Alaska Department of Revenue raised its stake in 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 valued at $776,000 after purchasing an additional 410 shares during the last quarter. Golden State Wealth Management LLC raised its stake in 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 purchasing an additional 455 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in MGM Resorts International by 0.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 146,417 shares of the company's stock valued at $5,073,000 after purchasing an additional 469 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.

MGM Resorts International Stock Performance

Shares of NYSE:MGM traded down $0.33 on Friday, hitting $37.24. The company's stock had a trading volume of 4,114,019 shares, compared to its average volume of 4,981,197. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $45.56. The company has a market capitalization of $10.13 billion, a price-to-earnings ratio of 16.63, a price-to-earnings-growth ratio of 2.43 and a beta of 1.76. The stock's 50-day moving average is $34.29 and its two-hundred day moving average is $33.10. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31.

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

MGM Resorts International announced that its Board of Directors has approved a share buyback program on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 22.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the transaction, the chief operating officer owned 281,530 shares of the company's stock, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniel J. Taylor sold 5,261 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,261 shares of company stock valued at $3,486,367. Corporate insiders own 3.06% of the company's stock.

Analysts Set New Price Targets

MGM has been the subject of several recent analyst reports. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Citizens Jmp cut MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Macquarie lowered their price target on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. JMP Securities restated a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. Finally, Truist Financial lifted their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $48.00.

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.