HighTower Advisors LLC Has $4.85 Million Stock Position in MGM Resorts International (NYSE:MGM)

HighTower Advisors LLC lowered its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 47.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 123,197 shares of the company's stock after selling 109,109 shares during the quarter. HighTower Advisors LLC's holdings in MGM Resorts International were worth $4,847,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. International Assets Investment Management LLC bought a new stake in MGM Resorts International during the second quarter worth about $28,000. MidAtlantic Capital Management Inc. bought a new stake in shares of MGM Resorts International during the 3rd quarter worth approximately $28,000. Eastern Bank acquired a new stake in shares of MGM Resorts International in the 3rd quarter valued at approximately $35,000. UMB Bank n.a. grew its stake in shares of MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company's stock valued at $42,000 after buying an additional 237 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in MGM Resorts International during the third quarter worth $44,000. 68.11% of the stock is owned by institutional investors.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the company's stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the transaction, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This represents a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.13% of the company's stock.

MGM Resorts International Price Performance

MGM Resorts International stock traded up $0.42 during mid-day trading on Wednesday, reaching $36.94. 3,108,546 shares of the company were exchanged, compared to its average volume of 4,069,140. The firm has a market cap of $11.00 billion, a PE ratio of 13.19, a PEG ratio of 3.13 and a beta of 2.20. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. The company has a fifty day simple moving average of $38.51 and a 200-day simple moving average of $39.41. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The company had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same period last year, the firm earned $0.64 EPS. The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities research analysts expect that MGM Resorts International will post 2.48 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on MGM shares. Barclays cut their price target on shares of MGM Resorts International from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, October 31st. UBS Group raised MGM Resorts International to a "hold" rating in a research report on Friday, August 23rd. Morgan Stanley raised their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Tuesday, October 22nd. Mizuho dropped their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an "outperform" rating on the stock in a research report on Thursday, October 31st. Finally, JMP Securities decreased their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research note on Monday, November 25th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, MGM Resorts International has an average rating of "Moderate Buy" and an average target price of $52.85.

MGM Resorts International 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.