Oppenheimer & Co. Inc. Sells 23,739 Shares of MGM Resorts International (NYSE:MGM)

Oppenheimer & Co. Inc. cut its stake in MGM Resorts International (NYSE:MGM) by 41.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,167 shares of the company’s stock after selling 23,739 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in MGM Resorts International were worth $1,149,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. MidAtlantic Capital Management Inc. bought a new position in MGM Resorts International in the 3rd quarter worth $28,000. Global Trust Asset Management LLC bought a new position in shares of MGM Resorts International in the 4th quarter worth about $28,000. Global Retirement Partners LLC increased its stake in shares of MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after acquiring an additional 404 shares in the last quarter. Brooklyn Investment Group bought a new position in shares of MGM Resorts International in the 3rd quarter worth about $44,000. Finally, Planning Capital Management Corp bought a new position in shares of MGM Resorts International in the 3rd quarter worth about $45,000. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Stock Performance

Shares of NYSE MGM opened at $32.55 on Wednesday. The firm’s 50-day moving average price is $34.60 and its 200-day moving average price is $36.69. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The company has a market cap of $9.29 billion, a PE ratio of 13.56, a PEG ratio of 0.98 and a beta of 2.20. MGM Resorts International has a 52-week low of $31.60 and a 52-week high of $48.24.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results 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%. As a group, analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

Analyst Upgrades and Downgrades

MGM has been the subject of several research reports. Needham & Company LLC reiterated a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Stifel Nicolaus increased their price target on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Canaccord Genuity Group reiterated a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. JMP Securities reiterated a “market outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, Susquehanna Bancshares raised their price objective on shares of MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.29.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the transaction, the director now owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares in the company, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their position. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.

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.