AdvisorShares Investments LLC Has $459,000 Position in MGM Resorts International (NYSE:MGM)

AdvisorShares Investments LLC reduced its holdings in MGM Resorts International (NYSE:MGM) by 13.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,717 shares of the company’s stock after selling 1,654 shares during the period. AdvisorShares Investments LLC’s holdings in MGM Resorts International were worth $459,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP increased its stake in MGM Resorts International by 21.0% in the 4th quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock valued at $107,295,000 after buying an additional 416,911 shares during the last quarter. Gateway Investment Advisers LLC boosted its holdings in shares of MGM Resorts International by 41.2% during the 1st quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock worth $465,000 after buying an additional 2,872 shares during the period. ACR Alpine Capital Research LLC bought a new stake in shares of MGM Resorts International during the 1st quarter worth about $3,922,000. Fisher Asset Management LLC boosted its holdings in shares of MGM Resorts International by 5.2% during the 4th quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock worth $194,686,000 after buying an additional 213,528 shares during the period. Finally, Texas Permanent School Fund Corp boosted its holdings in shares of MGM Resorts International by 0.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after buying an additional 245 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. BTIG Research began coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 target price for the company. JMP Securities dropped their target price on shares of MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating for the company in a research report on Thursday, August 1st. Finally, Macquarie lowered their price objective on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.93.

Insiders Place Their Bets

In other MGM Resorts International news, CEO William Hornbuckle purchased 58,900 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the purchase, the chief executive officer now owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO William Hornbuckle bought 58,900 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the purchase, the chief executive officer now directly owns 377,112 shares in the company, valued at $12,719,987.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul J. Salem bought 147,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the purchase, the director now owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 216,400 shares of company stock valued at $7,312,197. 2.13% of the stock is currently owned by corporate insiders.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $35.38 on Thursday. The firm has a 50-day moving average of $40.11 and a 200-day moving average of $41.52. The company has a market cap of $11.10 billion, a P/E ratio of 13.61, a P/E/G ratio of 0.63 and a beta of 2.23. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same quarter last year, the business earned $0.59 earnings per share. The company’s quarterly revenue was up 9.8% on a year-over-year basis. Equities research analysts forecast that MGM Resorts International will post 2.68 EPS for the current fiscal year.

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.