Raymond James & Associates Has $5.63 Million Stake in MGM Resorts International (NYSE:MGM)

Raymond James & Associates decreased its holdings in MGM Resorts International (NYSE:MGM – Get Rating) by 3.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 167,761 shares of the company’s stock after selling 5,635 shares during the quarter. Raymond James & Associates’ holdings in MGM Resorts International were worth $5,625,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Quantinno Capital Management LP acquired a new position in MGM Resorts International during the 3rd quarter worth about $280,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of MGM Resorts International by 11.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,525 shares of the company’s stock valued at $1,858,000 after purchasing an additional 6,248 shares in the last quarter. Bleakley Financial Group LLC bought a new position in MGM Resorts International in the 4th quarter worth approximately $342,000. Penn Capital Management Company LLC raised its position in MGM Resorts International by 20.4% in the 3rd quarter. Penn Capital Management Company LLC now owns 56,774 shares of the company’s stock worth $1,712,000 after purchasing an additional 9,624 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in MGM Resorts International during the 3rd quarter worth $803,000. Institutional investors and hedge funds own 82.77% of the company’s stock.

MGM Resorts International Stock Performance

MGM stock opened at $42.48 on Monday. MGM Resorts International has a 1-year low of $26.41 and a 1-year high of $46.37. The company has a current ratio of 2.19, a quick ratio of 2.15 and a debt-to-equity ratio of 1.31. The firm has a market cap of $15.45 billion, a PE ratio of 9.08 and a beta of 2.06. The business’s 50-day moving average price is $43.08 and its two-hundred day moving average price is $40.19.

MGM Resorts International (NYSE:MGM – Get Rating) last released its quarterly earnings data on Monday, May 1st. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.40. MGM Resorts International had a negative return on equity of 1.33% and a net margin of 13.84%. The business had revenue of $3.90 billion for the quarter, compared to analysts’ expectations of $3.61 billion. During the same quarter in the previous year, the business posted $0.01 EPS. MGM Resorts International’s revenue for the quarter was up 36.6% on a year-over-year basis. As a group, research analysts forecast that MGM Resorts International will post 1.89 earnings per share for the current year.

MGM Resorts International declared that its board has authorized a share repurchase plan on Wednesday, February 8th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to reacquire up to 12.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at MGM Resorts International

In other news, Director Rose Mckinney-James sold 2,870 shares of the stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $43.23, for a total transaction of $124,070.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other MGM Resorts International news, COO Corey Ian Sanders sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $44.42, for a total value of $2,221,000.00. Following the sale, the chief operating officer now owns 161,632 shares in the company, valued at approximately $7,179,693.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rose Mckinney-James sold 2,870 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $43.23, for a total transaction of $124,070.10. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on MGM. TheStreet upgraded MGM Resorts International from a “c+” rating to a “b-” rating in a research report on Thursday, April 6th. Morgan Stanley upped their target price on shares of MGM Resorts International from $40.00 to $43.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 1st. JMP Securities reiterated a “market outperform” rating and set a $60.00 price target on shares of MGM Resorts International in a research report on Monday, April 17th. StockNews.com initiated coverage on shares of MGM Resorts International in a report on Thursday. They issued a “buy” rating on the stock. Finally, Credit Suisse Group lifted their target price on shares of MGM Resorts International from $68.00 to $75.00 in a report on Tuesday, May 2nd. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.13.

MGM Resorts International Company Profile

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MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.