J.W. Cole Advisors Inc. Sells 715 Shares of MGM Resorts International (NYSE:MGM)

J.W. Cole Advisors Inc. cut its stake in MGM Resorts International (NYSE:MGMGet Rating) by 7.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,450 shares of the company’s stock after selling 715 shares during the quarter. J.W. Cole Advisors Inc.’s holdings in MGM Resorts International were worth $396,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Whittier Trust Co. lifted its position in shares of MGM Resorts International by 2.9% during the first quarter. Whittier Trust Co. now owns 10,218 shares of the company’s stock worth $428,000 after purchasing an additional 288 shares during the last quarter. Commerce Bank lifted its position in shares of MGM Resorts International by 2.7% during the fourth quarter. Commerce Bank now owns 12,282 shares of the company’s stock worth $551,000 after purchasing an additional 326 shares during the last quarter. Tyler Stone Wealth Management lifted its position in shares of MGM Resorts International by 23.2% during the first quarter. Tyler Stone Wealth Management now owns 2,033 shares of the company’s stock worth $85,000 after purchasing an additional 383 shares during the last quarter. Pacific Global Investment Management Co. lifted its position in shares of MGM Resorts International by 0.6% during the first quarter. Pacific Global Investment Management Co. now owns 66,295 shares of the company’s stock worth $2,780,000 after purchasing an additional 405 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its position in shares of MGM Resorts International by 4.3% during the first quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 11,155 shares of the company’s stock worth $468,000 after purchasing an additional 460 shares during the last quarter. 67.54% of the stock is currently owned by institutional investors.

MGM Resorts International Price Performance

MGM opened at $34.36 on Tuesday. MGM Resorts International has a 1 year low of $26.41 and a 1 year high of $51.17. The firm has a market capitalization of $13.51 billion, a PE ratio of 4.81 and a beta of 2.11. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.65 and a quick ratio of 1.63. The business’s 50-day moving average is $33.16 and its two-hundred day moving average is $35.34.

MGM Resorts International (NYSE:MGMGet Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.21). MGM Resorts International had a return on equity of 1.44% and a net margin of 27.33%. The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.03 billion. Research analysts anticipate that MGM Resorts International will post 0.04 earnings per share for the current fiscal year.

MGM Resorts International Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, September 9th were paid a dividend of $0.0025 per share. The ex-dividend date was Thursday, September 8th. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.03%. MGM Resorts International’s payout ratio is 0.14%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their target price on MGM Resorts International from $48.00 to $51.00 in a research report on Thursday, August 4th. Truist Financial lifted their price objective on MGM Resorts International from $35.00 to $40.00 in a report on Thursday, August 4th. Wells Fargo & Company lifted their price objective on MGM Resorts International from $49.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, August 4th. Citigroup lifted their price objective on MGM Resorts International to $58.00 in a report on Tuesday, August 9th. Finally, UBS Group decreased their price objective on MGM Resorts International to $40.00 in a report on Thursday, June 9th. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, MGM Resorts International presently has a consensus rating of “Hold” and an average target price of $52.93.

Insider Transactions at MGM Resorts International

In other news, COO Corey Ian Sanders sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $36.00, for a total transaction of $360,000.00. Following the sale, the chief operating officer now owns 280,273 shares in the company, valued at $10,089,828. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Iac Inc. purchased 148,000 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was bought at an average cost of $33.78 per share, with a total value of $4,999,440.00. Following the completion of the acquisition, the insider now owns 64,672,502 shares of the company’s stock, valued at approximately $2,184,637,117.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Corey Ian Sanders sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $36.00, for a total value of $360,000.00. Following the completion of the transaction, the chief operating officer now directly owns 280,273 shares of the company’s stock, valued at $10,089,828. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 590,030 shares of company stock worth $20,493,524. Insiders own 2.13% of the company’s stock.

MGM Resorts International Profile

(Get Rating)

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.

See Also

Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.