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

Independent Advisor Alliance reduced its stake in shares of MGM Resorts International (NYSE:MGM) by 25.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,109 shares of the company’s stock after selling 4,772 shares during the quarter. Independent Advisor Alliance’s holdings in MGM Resorts International were worth $552,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Advisors Asset Management Inc. increased its stake 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 buying an additional 4,412 shares during the period. Price T Rowe Associates Inc. MD increased its position in MGM Resorts International by 1.1% in 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. raised its holdings in MGM Resorts International by 12.7% during the 1st 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 last quarter. Atria Investments Inc lifted its position in MGM Resorts International by 34.9% during the 1st quarter. Atria Investments Inc now owns 45,606 shares of the company’s stock valued at $2,153,000 after purchasing an additional 11,799 shares during the period. Finally, Cetera Investment Advisers boosted its stake in shares of MGM Resorts International by 78.5% in the 1st quarter. Cetera Investment Advisers now owns 64,323 shares of the company’s stock valued at $3,037,000 after purchasing an additional 28,288 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Price Performance

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

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) 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 firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same period in the prior year, the business posted $0.64 EPS. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. Research analysts predict that MGM Resorts International will post 2.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MGM has been the topic of a number of recent research reports. Macquarie reduced 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 note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft decreased their price objective on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Truist Financial cut their target price on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Stifel Nicolaus boosted their target price on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and an average target price of $52.85.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the sale, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. The trade was a 2.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.13% of the stock is currently owned by insiders.

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.