Kestra Advisory Services LLC sells 5,371 shares of MGM Resorts International (NYSE: MGM)

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Kestra Advisory Services LLC reduced its holdings of MGM Resorts International (NYSE: MGM – Get Rating) shares by 12.2% in the first quarter, Holdings Channel reports. The company held 38,741 shares of the company after selling 5,371 shares during the quarter. Kestra Advisory Services LLC’s holdings in MGM Resorts International were worth $1,625,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently increased or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in MGM Resorts International during the fourth quarter worth approximately $1,111,000. IFM Investors Pty Ltd increased its stake in MGM Resorts International shares by 20.1% in the first quarter. IFM Investors Pty Ltd now owns 63,302 shares in the company valued at $2,655,000 after acquiring an additional 10,601 shares in the last quarter. Strategic Financial Services Inc bought a new stock position in MGM Resorts International in the first quarter valued at approximately $458,000. State Street Corp increased its stake in shares of MGM Resorts International by 3.3% in the fourth quarter. State Street Corp now owns 16,047,151 shares of the company valued at $720,196,000 after acquiring an additional 517,377 shares in the last quarter. Finally, Bridgefront Capital LLC purchased a new stock position in MGM Resorts International in the fourth quarter valued at approximately $314,000. Institutional investors hold 85.76% of the company’s shares.

Wall Street analysts predict growth

A number of research analysts have recently released reports on the stock. Bank of America reduced its target price on MGM Resorts International shares from $55.00 to $50.00 and set a “neutral” rating for the company in a Monday, April 18 research note. Morgan Stanley cut its price target on MGM Resorts International shares from $56.00 to $51.00 and set an “equal weight” rating for the company in a Monday, April 25 research note. JPMorgan Chase & Co. assumed coverage for MGM Resorts International shares in a Tuesday, May 3, research report. They issued an “overweight” rating and a price target of $53.00 for the company. JMP Securities assumed coverage for MGM Resorts International shares in a Tuesday, June 28 research report. They issued an “outperform” rating and a price target of $55.00 for the company. Finally, Citigroup lowered its price target on MGM Resorts International shares from $59.00 to $56.00 and set a “buy” rating for the company in a Tuesday, July 5 research report. Eight analysts gave the stock a hold rating and nine gave the company a buy rating. According to MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus target price of $52.58.

MGM Resorts International Awards Performance

MGM opened at $29.23 on Friday. MGM Resorts International has a 52-week minimum of $26.41 and a 52-week maximum of $51.17. The company has a market capitalization of $12.45 billion, a PE ratio of 9.49 and a beta of 2.17. The company has a debt ratio of 1.06, a quick ratio of 1.23 and a current ratio of 1.25. The company has a fifty-day moving average price of $31.72 and a two-hundred-day moving average price of $38.77.

MGM Resorts International (NYSE:MGM – Get Rating) last announced its quarterly results on Monday, May 2. The company reported earnings per share (EPS) of $0.01 for the quarter, beating the consensus estimate of ($0.09) by $0.10. MGM Resorts International achieved a net margin of 14.40% and a return on equity of 0.81%. The company posted revenue of $2.85 billion in the quarter, versus analyst estimates of $2.75 billion. In the same quarter of the previous year, the company achieved EPS of ($0.68). As a group, analysts expect MGM Resorts International to post 0.94 earnings per share for the current year.

MGM Resorts International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 15. Shareholders of record on Friday, June 10 received a dividend of $0.0025. This represents an annualized dividend of $0.01 and a dividend yield of 0.03%. The ex-dividend date was Thursday, June 9. The dividend payout ratio (DPR) of MGM Resorts International is 0.32%.

Insider activity

In related news, CEO William Hornbuckle sold 10,000 shares of the company in a trade on Wednesday, April 20. The shares were sold at an average price of $43.00, for a total value of $430,000.00. Following completion of the transaction, the CEO now directly owns 132,603 ​​shares of the company, valued at approximately $5,701,929. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. In related news, Director Paul J. Salem purchased 34,500 shares of MGM Resorts International in a transaction that took place on Monday, June 13. The shares were purchased at an average cost of $28.92 per share, with a total value of $997,740.00. Following the purchase, the director now owns 1,555,000 shares of the company, valued at $44,970,600. The acquisition was disclosed in a filing with the SEC, available on the SEC’s website. Additionally, CEO William Hornbuckle sold 10,000 shares of the company in a trade on Wednesday, April 20. The stock was sold at an average price of $43.00, for a total transaction of $430,000.00. Following completion of the transaction, the CEO now directly owns 132,603 ​​shares of the company, valued at $5,701,929. The disclosure of this sale can be found here. 2.13% of the shares are held by insiders of the company.

MGM Resorts International Company Profile

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MGM Resorts International, through its subsidiaries, owns and operates casinos, hotels and entertainment centers in the United States and Macau. The Company operates through three segments: Las Vegas Strip Resorts, Regional Operations and MGM China. Its casino complexes offer gaming, hotels, conventions, restaurants, entertainment, retail and other resort amenities.

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Institutional ownership by quarter for MGM Resorts International (NYSE: MGM)



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