Lighthouse Financial LLC Makes New Investment in MGM Resorts International (NYSE:MGM)

Lighthouse Financial LLC bought a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 22,700 shares of the company's stock, valued at approximately $787,000. MGM Resorts International comprises about 0.6% of Lighthouse Financial LLC's holdings, making the stock its 26th largest position.

Several other hedge funds also recently modified their holdings of the stock. Davis Selected Advisers boosted its position in shares of MGM Resorts International by 4.6% during the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock valued at $690,253,000 after buying an additional 882,417 shares during the last quarter. Invesco Ltd. boosted its position in shares of MGM Resorts International by 22.5% during the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock valued at $200,462,000 after buying an additional 1,063,707 shares during the last quarter. Marshall Wace LLP boosted its position in shares of MGM Resorts International by 50.9% during the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock valued at $112,048,000 after buying an additional 1,090,533 shares during the last quarter. Norges Bank purchased a new position in shares of MGM Resorts International during the fourth quarter valued at approximately $88,033,000. Finally, Southeastern Asset Management Inc. TN boosted its position in shares of MGM Resorts International by 9.6% during the fourth quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company's stock valued at $83,477,000 after buying an additional 211,245 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Argus raised MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 target price on the stock in a research report on Friday, February 14th. Wedbush reissued an "outperform" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Susquehanna Bancshares boosted their price objective on MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Truist Financial cut their price objective on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Finally, BTIG Research cut MGM Resorts International from a "buy" rating to a "neutral" rating in a research report on Monday, February 3rd. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $48.94.

MGM Resorts International Stock Performance

Shares of MGM traded down $0.12 during mid-day trading on Friday, hitting $31.61. The stock had a trading volume of 15,732,054 shares, compared to its average volume of 4,818,212. The firm has a market cap of $8.60 billion, a P/E ratio of 13.17, a PEG ratio of 0.98 and a beta of 1.78. The business has a fifty day moving average price of $30.88 and a 200-day moving average price of $33.45. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $4.29 billion. During the same period in the previous year, the company posted $0.74 earnings per share. The business's revenue was down 2.4% on a year-over-year basis. On average, equities research analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International declared that its Board of Directors has authorized 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 purchase up to 22.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Insider Activity at MGM Resorts International

In related news, COO Corey Ian Sanders sold 40,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the sale, the chief operating officer now directly owns 281,530 shares in the company, valued at approximately $9,693,077.90. The trade was a 12.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the purchase, the chief financial officer now owns 75,648 shares in the company, valued at $2,433,596.16. This trade represents a 15.23% increase in their position. The disclosure for this purchase can be found here. 3.06% of the stock is currently owned by corporate 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.