Tidal Investments LLC Sells 27,019 Shares of MGM Resorts International (NYSE:MGM)

Tidal Investments LLC reduced its stake in MGM Resorts International (NYSE:MGM - Free Report) by 81.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,031 shares of the company's stock after selling 27,019 shares during the period. Tidal Investments LLC's holdings in MGM Resorts International were worth $209,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. New Wave Wealth Advisors LLC bought a new position in MGM Resorts International during the fourth quarter worth about $79,000. Dohj LLC bought a new position in MGM Resorts International during the 4th quarter worth approximately $632,000. Osborne Partners Capital Management LLC boosted its stake in MGM Resorts International by 2.3% during the 4th quarter. Osborne Partners Capital Management LLC now owns 313,364 shares of the company's stock worth $10,858,000 after acquiring an additional 7,041 shares during the last quarter. Spire Wealth Management grew its holdings in MGM Resorts International by 43.3% during the fourth quarter. Spire Wealth Management now owns 2,698 shares of the company's stock valued at $94,000 after purchasing an additional 815 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in MGM Resorts International by 36.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,625 shares of the company's stock valued at $856,000 after purchasing an additional 6,588 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Up 0.2%

MGM traded up $0.07 during trading hours on Wednesday, hitting $32.03. 3,640,399 shares of the company's stock were exchanged, compared to its average volume of 4,819,268. The stock has a market cap of $8.72 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 0.98 and a beta of 1.78. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The stock's 50-day moving average is $30.90 and its two-hundred day moving average is $33.33. 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 (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The firm had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.29 billion. During the same period in the previous year, the firm posted $0.74 EPS. The company's revenue for the quarter was down 2.4% on a year-over-year basis. Sell-side analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the sale, the chief operating officer now owns 281,530 shares in the company, valued at $9,693,077.90. This trade represents a 12.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the acquisition, the chief financial officer now owns 75,648 shares in the company, valued at $2,433,596.16. This trade represents a 15.23% increase in their position. The disclosure for this purchase can be found here. 3.06% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Needham & Company LLC reissued a "buy" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Barclays raised their price objective on MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Mizuho boosted their target price on MGM Resorts International from $56.00 to $60.00 and gave the company an "outperform" rating in a research note on Thursday, February 13th. Wedbush restated an "outperform" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Morgan Stanley cut their price objective on MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $48.94.

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.