Moors & Cabot Inc. Sells 1,310 Shares of MGM Resorts International (NYSE:MGM)

Moors & Cabot Inc. lessened its stake in MGM Resorts International (NYSE:MGM) by 21.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,919 shares of the company’s stock after selling 1,310 shares during the period. Moors & Cabot Inc.’s holdings in MGM Resorts International were worth $216,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. PSI Advisors LLC boosted its stake in MGM Resorts International by 15.1% in the 2nd quarter. PSI Advisors LLC now owns 1,525 shares of the company’s stock worth $67,000 after purchasing an additional 200 shares during the period. Invst LLC lifted its stake in MGM Resorts International by 1.3% in the 2nd quarter. Invst LLC now owns 17,609 shares of the company’s stock valued at $773,000 after purchasing an additional 223 shares during the last quarter. CWM LLC raised its holdings in MGM Resorts International by 4.7% in the 1st quarter. CWM LLC now owns 5,868 shares of the company’s stock valued at $261,000 after acquiring an additional 261 shares during the period. Epoch Investment Partners Inc. raised its holdings in MGM Resorts International by 2.0% in the 1st quarter. Epoch Investment Partners Inc. now owns 13,686 shares of the company’s stock valued at $608,000 after acquiring an additional 273 shares during the period. Finally, Aspire Private Capital LLC bought a new position in MGM Resorts International in the 1st quarter valued at about $12,314,468,000. Institutional investors own 66.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. TheStreet cut shares of MGM Resorts International from a “b” rating to a “c+” rating in a report on Wednesday, August 2nd. StockNews.com cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, October 13th. Capital One Financial assumed coverage on shares of MGM Resorts International in a report on Thursday, October 12th. They set an “overweight” rating and a $50.00 target price on the stock. Wells Fargo & Company lowered their target price on shares of MGM Resorts International from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday, November 9th. Finally, HSBC initiated coverage on shares of MGM Resorts International in a research report on Monday, October 23rd. They set a “buy” rating and a $49.00 price target on the stock. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.35.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $40.31 on Tuesday. The firm has a market cap of $13.77 billion, a PE ratio of 13.71 and a beta of 2.17. The firm’s fifty day moving average is $37.50 and its 200-day moving average is $41.73. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.73 and a current ratio of 1.78. MGM Resorts International has a 52 week low of $32.43 and a 52 week high of $51.35.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, November 8th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.12. MGM Resorts International had a net margin of 7.23% and a return on equity of 18.04%. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.86 billion. During the same quarter in the previous year, the business earned ($1.39) earnings per share. MGM Resorts International’s revenue was up 16.3% compared to the same quarter last year. Sell-side analysts predict that MGM Resorts International will post 2.22 earnings per share for the current year.

MGM Resorts International declared that its Board of Directors has authorized a share repurchase program on Wednesday, November 8th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to buy up to 14.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.