ACR Alpine Capital Research LLC Has $2.39 Million Stock Holdings in MGM Resorts International $MGM

Key Points

• ACR Alpine Capital Research cut its MGM Resorts stake by 63.8% in the fourth quarter, leaving it with 65,506 shares valued at about $2.39 million.
• Analyst sentiment remains mixed: MGM’s consensus rating is currently Hold with an average target price of $47.12, while recent notes included both target increases and decreases.
• MGM’s latest quarter missed EPS expectations, reporting $0.49 per share versus $0.56 expected, though revenue came in above estimates at $4.45 billion and rose 4.2% year over year.

ACR Alpine Capital Research LLC decreased its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 63.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 65,506 shares of the company's stock after selling 115,283 shares during the quarter. ACR Alpine Capital Research LLC's holdings in MGM Resorts International were worth $2,390,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. New York Life Investment Management LLC lifted its stake in shares of MGM Resorts International by 1.5% in the 4th quarter. New York Life Investment Management LLC now owns 27,750 shares of the company's stock valued at $1,013,000 after purchasing an additional 399 shares during the last quarter. Pinnacle Associates Ltd. increased its position in MGM Resorts International by 8.8% during the fourth quarter. Pinnacle Associates Ltd. now owns 110,436 shares of the company's stock worth $4,030,000 after buying an additional 8,914 shares during the last quarter. HighPoint Advisor Group LLC increased its position in MGM Resorts International by 5.6% during the fourth quarter. HighPoint Advisor Group LLC now owns 14,686 shares of the company's stock worth $536,000 after buying an additional 782 shares during the last quarter. KLCM Advisors Inc. bought a new position in MGM Resorts International during the fourth quarter valued at about $292,000. Finally, Swiss Life Asset Management Ltd lifted its position in shares of MGM Resorts International by 5.7% in the fourth quarter. Swiss Life Asset Management Ltd now owns 9,938 shares of the company's stock worth $363,000 after buying an additional 540 shares during the last quarter. Institutional investors own 68.11% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on MGM shares. Weiss Ratings downgraded MGM Resorts International from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, May 1st. Barclays upped their target price on MGM Resorts International from $37.00 to $39.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 30th. Mizuho dropped their price target on shares of MGM Resorts International from $62.00 to $59.00 and set an "outperform" rating on the stock in a research report on Monday, April 27th. Capital One Financial boosted their price objective on shares of MGM Resorts International from $46.00 to $51.00 and gave the stock an "overweight" rating in a research note on Friday, April 17th. Finally, Berenberg Bank reaffirmed a "buy" rating on shares of MGM Resorts International in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $47.12.

MGM Resorts International Trading Down 1.6%

Shares of MGM Resorts International stock opened at $36.82 on Friday. MGM Resorts International has a 1 year low of $29.18 and a 1 year high of $40.94. The company's fifty day simple moving average is $37.42 and its 200-day simple moving average is $35.73. The company has a market cap of $9.42 billion, a price-to-earnings ratio of 51.14 and a beta of 1.28. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.37 billion. During the same period last year, the company earned $0.69 earnings per share. MGM Resorts International's revenue for the quarter was up 4.2% on a year-over-year basis. As a group, sell-side analysts expect that MGM Resorts International will post 1.99 EPS for the current year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 37,500 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $34.27, for a total value of $1,285,125.00. Following the completion of the sale, the director owned 5,347,978 shares in the company, valued at approximately $183,275,206.06. This trade represents a 0.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Iac Inc. acquired 550,000 shares of the firm's stock in a transaction dated Monday, March 23rd. The shares were purchased at an average cost of $37.30 per share, for a total transaction of $20,515,000.00. Following the acquisition, the insider directly owned 66,372,350 shares in the company, valued at $2,475,688,655. This represents a 0.84% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 3.38% of the company's stock.

MGM Resorts International Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

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