Independent Advisor Alliance Sells 4,772 Shares of MGM Resorts International (NYSE:MGM)

Independent Advisor Alliance cut its position in MGM Resorts International (NYSE:MGM) by 25.3% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 14,109 shares of the company’s stock after selling 4,772 shares during the period. Independent Advisor Alliance’s holdings in MGM Resorts International were worth $552,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. grew its position in shares of MGM Resorts International by 106.8% in the 1st quarter. Advisors Asset Management Inc. now owns 8,542 shares of the company’s stock valued at $403,000 after acquiring an additional 4,412 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in MGM Resorts International by 1.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 563,444 shares of the company’s stock worth $26,602,000 after purchasing an additional 5,968 shares during the period. B. Riley Wealth Advisors Inc. grew its holdings in MGM Resorts International by 12.7% during the first quarter. B. Riley Wealth Advisors Inc. now owns 5,955 shares of the company’s stock worth $281,000 after purchasing an additional 670 shares during the period. Atria Investments Inc increased its position in MGM Resorts International by 34.9% during the first quarter. Atria Investments Inc now owns 45,606 shares of the company’s stock worth $2,153,000 after buying an additional 11,799 shares during the last quarter. Finally, Cetera Investment Advisers lifted its position in shares of MGM Resorts International by 78.5% in the first quarter. Cetera Investment Advisers now owns 64,323 shares of the company’s stock valued at $3,037,000 after buying an additional 28,288 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Down 0.5 %

NYSE MGM opened at $37.37 on Thursday. The company has a market cap of $11.13 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 2.74 and a beta of 2.23. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The company has a 50 day moving average of $38.68 and a 200-day moving average of $39.67.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter in the previous year, the company posted $0.64 earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts expect that MGM Resorts International will post 2.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the sale, the director now owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This trade represents a 2.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MGM. Mizuho decreased their target price on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Macquarie dropped their price objective on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Susquehanna raised their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research note on Thursday, August 1st. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Finally, JMP Securities cut their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating for the company in a research report on Monday. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.85.

MGM Resorts International 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.