Armstrong Advisory Group Inc. Reduces Position in MGM Resorts International (NYSE:MGM)

Armstrong Advisory Group Inc. trimmed its holdings in MGM Resorts International (NYSE:MGM) by 9.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,048 shares of the company’s stock after selling 500 shares during the period. Armstrong Advisory Group Inc.’s holdings in MGM Resorts International were worth $197,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. UMB Bank n.a. grew its holdings in MGM Resorts International by 33.3% in the 2nd 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. Texas Permanent School Fund Corp increased its position in MGM Resorts International by 0.4% during the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after purchasing an additional 245 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in MGM Resorts International by 1.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock worth $1,018,000 after purchasing an additional 278 shares during the period. HB Wealth Management LLC boosted its holdings in MGM Resorts International by 6.3% in the 2nd quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock valued at $219,000 after purchasing an additional 293 shares during the last quarter. Finally, US Bancorp DE increased its holdings in shares of MGM Resorts International by 1.3% during the 1st quarter. US Bancorp DE now owns 23,558 shares of the company’s stock worth $1,112,000 after buying an additional 298 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Trading Up 1.5 %

MGM opened at $40.27 on Tuesday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42. The stock has a market capitalization of $12.63 billion, a price-to-earnings ratio of 15.49, a PEG ratio of 0.92 and a beta of 2.23. The business has a fifty day moving average price of $37.90 and a 200 day moving average price of $40.65. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The firm had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the prior year, the company posted $0.59 earnings per share. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. Sell-side analysts expect that MGM Resorts International will post 2.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MGM Resorts International news, CFO Jonathan S. Halkyard acquired 10,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the completion of the purchase, the chief financial officer now owns 38,299 shares in the company, valued at $1,302,166. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Jonathan S. Halkyard bought 10,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $34.00 per share, with a total value of $340,000.00. Following the completion of the acquisition, the chief financial officer now owns 38,299 shares in the company, valued at approximately $1,302,166. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul J. Salem acquired 147,500 shares of the company’s stock in a transaction 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 directly owns 1,702,500 shares in the company, valued at $57,544,500. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 216,400 shares of company stock worth $7,312,197 in the last 90 days. Company insiders own 2.13% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. BTIG Research assumed coverage on MGM Resorts International in a report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price objective on the stock. Susquehanna upped their price target on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. UBS Group raised MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Wells Fargo & Company reduced their price objective on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Finally, JMP Securities lowered their target price on shares of MGM Resorts International from $57.00 to $56.00 and set a “market outperform” rating for the company in a research note on Monday. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.14.

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.