LPL Financial LLC Sells 45,964 Shares of MGM Resorts International (NYSE:MGM)

LPL Financial LLC lowered its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 9.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 421,900 shares of the company's stock after selling 45,964 shares during the period. LPL Financial LLC owned about 0.14% of MGM Resorts International worth $14,619,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Global Trust Asset Management LLC bought a new position in shares of MGM Resorts International in the 4th quarter valued at about $28,000. Assetmark Inc. grew its stake in MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after purchasing an additional 411 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock worth $43,000 after purchasing an additional 404 shares during the last quarter. Modus Advisors LLC bought a new stake in shares of MGM Resorts International during the 4th quarter worth approximately $46,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of MGM Resorts International by 74.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company's stock valued at $51,000 after buying an additional 633 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of MGM Resorts International stock in a transaction dated Thursday, March 6th. The shares were bought at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the purchase, the chief financial officer now owns 75,648 shares in the company, valued at approximately $2,433,596.16. This trade represents a 15.23 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company's stock.

MGM Resorts International Price Performance

MGM Resorts International stock traded down $2.90 during trading hours on Thursday, reaching $27.86. 13,211,323 shares of the stock were exchanged, compared to its average volume of 4,424,066. The stock has a 50 day moving average of $33.63 and a two-hundred day moving average of $35.76. The company has a market cap of $7.95 billion, a P/E ratio of 11.61, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. MGM Resorts International has a twelve month low of $27.51 and a twelve month high of $47.45.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. Equities analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on MGM shares. Barclays reiterated an "equal weight" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Leerink Partners lowered MGM Resorts International to a "market perform" rating in a research note on Thursday, February 13th. BTIG Research cut shares of MGM Resorts International from a "buy" rating to a "neutral" rating in a research report on Monday, February 3rd. Citigroup upped their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Finally, Needham & Company LLC restated a "buy" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.29.

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.