Nuveen LLC Purchases Shares of 459,437 MGM Resorts International $MGM

Key Points

• Nuveen LLC acquired 459,437 shares of MGM Resorts International, worth approximately $13.6 million, increasing its ownership to 0.17% as of its most recent SEC filing.
• Director Keith A. Meister sold 60,000 shares at an average price of $32.09, reducing his total ownership to about 5.6 million shares valued at around $180.6 million.
• MGM reported earnings per share (EPS) of $0.79 for the last quarter, exceeding analyst projections of $0.58 and showing an increase in revenue year-over-year.

Nuveen LLC purchased a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 459,437 shares of the company's stock, valued at approximately $13,618,000. Nuveen LLC owned approximately 0.17% of MGM Resorts International as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Invesco Ltd. raised its stake in MGM Resorts International by 7.7% during the first quarter. Invesco Ltd. now owns 6,233,213 shares of the company's stock valued at $184,752,000 after buying an additional 447,870 shares during the last quarter. Helikon Investments Ltd purchased a new position in MGM Resorts International during the first quarter valued at $54,418,000. Davis Selected Advisers raised its stake in MGM Resorts International by 4.5% during the first quarter. Davis Selected Advisers now owns 20,815,057 shares of the company's stock valued at $616,958,000 after buying an additional 894,344 shares during the last quarter. National Bank of Canada FI raised its stake in MGM Resorts International by 59.1% during the first quarter. National Bank of Canada FI now owns 170,271 shares of the company's stock valued at $5,047,000 after buying an additional 63,235 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in MGM Resorts International by 18.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 408,812 shares of the company's stock valued at $12,117,000 after buying an additional 62,343 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.06% of the company's stock.

MGM Resorts International Stock Performance

MGM Resorts International stock traded up $0.48 during mid-day trading on Wednesday, reaching $38.99. 467,109 shares of the stock traded hands, compared to its average volume of 5,282,366. The stock has a market capitalization of $10.61 billion, a PE ratio of 21.42, a price-to-earnings-growth ratio of 1.80 and a beta of 1.81. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $42.53. The business's 50-day moving average is $36.42 and its 200-day moving average is $33.67.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.21. The company had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.MGM Resorts International's revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.86 earnings per share. As a group, sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its board has initiated a stock buyback plan on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 22.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have issued reports on MGM shares. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Morgan Stanley lifted their price objective on MGM Resorts International from $38.00 to $41.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Seaport Res Ptn cut MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 21st. Citigroup upgraded MGM Resorts International from a "hold" rating to a "strong-buy" rating and boosted their price target for the stock from $55.00 to $57.00 in a research note on Wednesday, July 9th. Finally, Citizens Jmp cut MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $48.72.

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.