111 Capital Acquires 24,921 Shares of MGM Resorts International $MGM

Key Points

• 111 Capital increased its stake in MGM Resorts International by 190.5% during the second quarter, acquiring an additional 24,921 shares to reach a total of 38,000 shares valued at approximately $1.3 million.
• Several institutional investors, including Davis Selected Advisers and Invesco Ltd., have made significant adjustments to their holdings in MGM, indicating growing interest from large investment firms.
• Analysts have set varying price targets for MGM Resorts, with Mizuho lowering its target to $56 while Truist Financial raised it to $50, reflecting differing opinions on the company's stock performance.

111 Capital lifted its stake in MGM Resorts International (NYSE:MGM - Free Report) by 190.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,000 shares of the company's stock after acquiring an additional 24,921 shares during the period. 111 Capital's holdings in MGM Resorts International were worth $1,307,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in MGM. Davis Selected Advisers boosted its position in shares of MGM Resorts International by 4.5% in the first quarter. Davis Selected Advisers now owns 20,815,057 shares of the company's stock valued at $616,958,000 after acquiring an additional 894,344 shares during the period. Invesco Ltd. boosted its position in shares of MGM Resorts International by 7.7% in the first quarter. Invesco Ltd. now owns 6,233,213 shares of the company's stock valued at $184,752,000 after acquiring an additional 447,870 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in MGM Resorts International in the 2nd quarter valued at $171,632,000. AQR Capital Management LLC boosted its holdings in MGM Resorts International by 104.2% in the 1st quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company's stock valued at $75,962,000 after purchasing an additional 1,332,313 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in MGM Resorts International by 0.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,985,513 shares of the company's stock valued at $58,851,000 after purchasing an additional 5,407 shares during the period. Institutional investors own 68.11% of the company's stock.

Insider Activity

In other news, Director Keith A. Meister sold 242,000 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the transaction, the director directly owned 5,385,478 shares of the company's stock, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John Mcmanus sold 60,000 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the transaction, the insider owned 31,521 shares of the company's stock, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on MGM. Mizuho cut their price target on shares of MGM Resorts International from $58.00 to $56.00 and set an "outperform" rating for the company in a report on Monday, September 22nd. Stifel Nicolaus lifted their price objective on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Weiss Ratings reissued a "sell (d+)" rating on shares of MGM Resorts International in a research note on Saturday, September 27th. Truist Financial lifted their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Finally, JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, MGM Resorts International presently has a consensus rating of "Moderate Buy" and an average target price of $48.61.

MGM Resorts International Trading Down 2.4%

Shares of MGM opened at $33.93 on Friday. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $42.53. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. The firm has a 50 day moving average price of $36.26 and a 200-day moving average price of $34.00. The firm has a market cap of $9.24 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 1.48 and a beta of 1.67.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same quarter in the previous year, the company posted $0.86 EPS. MGM Resorts International's revenue for the quarter was up 1.8% on a year-over-year basis. As a group, equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International Company 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.

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