Woodline Partners LP purchased a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 13,589 shares of the company's stock, valued at approximately $471,000.
Other institutional investors have also made changes to their positions in the company. Davis Selected Advisers raised its stake in shares of MGM Resorts International by 4.6% in the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock valued at $690,253,000 after acquiring an additional 882,417 shares in the last quarter. Invesco Ltd. raised its stake in shares of MGM Resorts International by 22.5% in the 4th quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock valued at $200,462,000 after acquiring an additional 1,063,707 shares in the last quarter. Marshall Wace LLP raised its stake in shares of MGM Resorts International by 50.9% in the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock valued at $112,048,000 after acquiring an additional 1,090,533 shares in the last quarter. Norges Bank bought a new position in shares of MGM Resorts International in the 4th quarter valued at approximately $88,033,000. Finally, Southeastern Asset Management Inc. TN raised its stake in shares of MGM Resorts International by 9.6% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company's stock valued at $83,477,000 after acquiring an additional 211,245 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.
MGM Resorts International Price Performance
MGM stock traded down $0.12 during trading on Friday, hitting $31.61. The company had a trading volume of 15,732,054 shares, compared to its average volume of 4,818,212. The company has a fifty day moving average price of $30.88 and a two-hundred day moving average price of $33.45. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The company has a market cap of $8.60 billion, a P/E ratio of 13.17, 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.
MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. MGM Resorts International's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.74 EPS. Equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.
MGM Resorts International declared that its board has approved a share repurchase program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the company. Citigroup raised 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, February 13th. Mizuho raised their price objective on MGM Resorts International from $56.00 to $60.00 and gave the company an "outperform" rating in a research note on Thursday, February 13th. Wall Street Zen raised MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Morgan Stanley cut their price objective on MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Finally, Barclays lifted their price target on MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $48.94.
Read Our Latest Stock Report on MGM Resorts International
Insider Activity at MGM Resorts International
In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $32.17 per share, with a total value of $321,700.00. Following the purchase, 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the sale, the chief operating officer now directly owns 281,530 shares in the company, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is owned by insiders.
About MGM Resorts International
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Free Report)
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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