Farther Finance Advisors LLC Cuts Stock Holdings in MGM Resorts International (NYSE:MGM)

Farther Finance Advisors LLC decreased its holdings in shares of MGM Resorts International (NYSE:MGM) by 27.2% in the 1st quarter, Holdings Channel reports. The firm owned 8,610 shares of the company’s stock after selling 3,220 shares during the period. Farther Finance Advisors LLC’s holdings in MGM Resorts International were worth $258,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. UMB Bank n.a. grew its holdings in shares of MGM Resorts International by 91.0% during the first quarter. UMB Bank n.a. now owns 1,616 shares of the company’s stock worth $48,000 after purchasing an additional 770 shares in the last quarter. Gateway Investment Advisers LLC bought a new stake in MGM Resorts International in the 1st quarter worth approximately $258,000. Chemistry Wealth Management LLC bought a new stake in MGM Resorts International in the 1st quarter worth approximately $246,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in MGM Resorts International in the 1st quarter worth approximately $56,000. Finally, Triangle Securities Wealth Management lifted its position in MGM Resorts International by 4.9% in the 1st quarter. Triangle Securities Wealth Management now owns 24,314 shares of the company’s stock worth $721,000 after buying an additional 1,143 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Barclays boosted their target price on MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a research report on Thursday, May 1st. Truist Financial dropped their target price on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Macquarie lowered their price objective on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. JMP Securities lowered their price objective on MGM Resorts International from $50.00 to $45.00 and set a “market outperform” rating for the company in a research report on Thursday, April 17th. Finally, Susquehanna boosted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research report on Thursday, May 1st. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.94.

Insider Activity

In related news, COO Corey Ian Sanders sold 40,000 shares of the company’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer now directly owns 281,530 shares of the company’s stock, valued at $9,693,077.90. This represents a 12.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Daniel J. Taylor sold 5,261 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,261 shares of company stock valued at $3,486,367. Company insiders own 3.06% of the company’s stock.

MGM Resorts International Price Performance

MGM opened at $33.98 on Thursday. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26. The stock has a market capitalization of $9.25 billion, a PE ratio of 15.17, a price-to-earnings-growth ratio of 2.31 and a beta of 1.76. The stock’s 50 day moving average price is $31.83 and its 200-day moving average price is $33.00.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.29 billion. During the same period in the previous year, the firm earned $0.74 earnings per share. The business’s revenue was down 2.4% compared to the same quarter last year. On average, equities research analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its Board of Directors has authorized a stock buyback program on Wednesday, April 30th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 22.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

MGM Resorts International Company 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.