Spire Wealth Management Sells 1,533 Shares of MGM Resorts International (NYSE:MGM)

Spire Wealth Management lessened its stake in MGM Resorts International (NYSE:MGM) by 56.8% in the 1st quarter, HoldingsChannel reports. The fund owned 1,165 shares of the company’s stock after selling 1,533 shares during the quarter. Spire Wealth Management’s holdings in MGM Resorts International were worth $35,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MGM. Asset Management One Co. Ltd. raised its holdings in MGM Resorts International by 4.7% during the 1st quarter. Asset Management One Co. Ltd. now owns 90,913 shares of the company’s stock worth $2,695,000 after buying an additional 4,117 shares during the period. Oppenheimer & Co. Inc. increased its holdings in MGM Resorts International by 21.6% during the 1st quarter. Oppenheimer & Co. Inc. now owns 40,342 shares of the company’s stock worth $1,196,000 after purchasing an additional 7,175 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of MGM Resorts International by 29.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 25,224 shares of the company’s stock valued at $748,000 after purchasing an additional 5,756 shares during the period. Osborne Partners Capital Management LLC lifted its holdings in shares of MGM Resorts International by 4.1% in the first quarter. Osborne Partners Capital Management LLC now owns 326,197 shares of the company’s stock valued at $9,668,000 after purchasing an additional 12,833 shares in the last quarter. Finally, Merrion Investment Management Co LLC grew its holdings in shares of MGM Resorts International by 53.1% during the first quarter. Merrion Investment Management Co LLC now owns 117,390 shares of the company’s stock worth $3,479,000 after buying an additional 40,700 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $37.70 on Thursday. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79. The business has a 50 day moving average price of $32.88 and a 200-day moving average price of $32.84. The company has a market cap of $10.26 billion, a PE ratio of 16.83, a price-to-earnings-growth ratio of 2.43 and a beta of 1.76.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the prior year, the firm posted $0.74 EPS. MGM Resorts International’s quarterly revenue was down 2.4% compared to the same quarter last year. Equities analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its Board of Directors has approved a share buyback program on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 22.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Keith A. Meister sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the transaction, the director owned 5,627,478 shares in the company, valued at $180,585,769.02. The trade was a 1.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,261 shares of company stock worth $3,486,367 in the last quarter. 3.06% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

MGM has been the topic of several research reports. Wall Street Zen upgraded MGM Resorts International from a “sell” rating to a “hold” rating in a research note on Thursday, May 22nd. Stifel Nicolaus lowered their price objective on shares of MGM Resorts International from $50.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. JMP Securities reissued a “market perform” rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Susquehanna increased their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a research note on Thursday, May 1st. Finally, Macquarie lowered their target price on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and an average price target of $48.29.

About MGM Resorts International

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.