Eminence Capital LP Acquires New Holdings in MGM Resorts International (NYSE:MGM)

Eminence Capital LP bought a new stake in MGM Resorts International (NYSE:MGM - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,089,699 shares of the company's stock, valued at approximately $72,408,000. Eminence Capital LP owned approximately 0.70% of MGM Resorts International at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGM. Charles Schwab Investment Management Inc. grew its holdings in shares of MGM Resorts International by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company's stock valued at $79,110,000 after acquiring an additional 38,749 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its position in MGM Resorts International by 42.8% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock valued at $32,473,000 after purchasing an additional 280,700 shares during the last quarter. Korea Investment CORP grew its stake in MGM Resorts International by 964.3% in the fourth quarter. Korea Investment CORP now owns 145,287 shares of the company's stock valued at $5,034,000 after purchasing an additional 131,636 shares in the last quarter. ACR Alpine Capital Research LLC increased its position in shares of MGM Resorts International by 23.3% during the 4th quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company's stock worth $5,613,000 after purchasing an additional 30,605 shares during the last quarter. Finally, Davis Selected Advisers raised its stake in shares of MGM Resorts International by 4.6% during the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after purchasing an additional 882,417 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the company's stock in a transaction 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 sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $32.17 per share, with a total value of $321,700.00. Following the acquisition, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. This represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. Insiders own 3.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MGM shares. Needham & Company LLC reissued a "buy" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Leerink Partners downgraded shares of MGM Resorts International to a "market perform" rating in a research report on Thursday, February 13th. Susquehanna upped their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a report on Thursday, May 1st. Capital One Financial lifted their price target on MGM Resorts International from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. Finally, Truist Financial dropped their price objective on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.94.

MGM Resorts International Price Performance

Shares of NYSE MGM traded up $0.37 during midday trading on Friday, reaching $32.58. The company's stock had a trading volume of 2,847,867 shares, compared to its average volume of 4,705,358. The company has a market cap of $8.87 billion, a P/E ratio of 13.58, a P/E/G ratio of 0.98 and a beta of 1.78. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The business's 50 day moving average price is $30.60 and its two-hundred day moving average price is $34.03.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the prior year, the company posted $0.74 EPS. The company's revenue was down 2.4% compared to the same quarter last year. On average, analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its Board of Directors has initiated a stock repurchase program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board 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 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.