MGM Resorts International $MGM Shares Bought by Allstate Corp

Key Points

• Allstate Corp increased its stake in MGM Resorts International by 190.8% during the first quarter, owning a total of 18,682 shares valued at approximately $554,000.
• Multiple institutional investors, including Eminence Capital LP and AQR Capital Management LLC, made significant investments in MGM, reflecting strong institutional interest with over 68.11% of the stock owned by these investors.
• MGM Resorts International's recent earnings report showed $4.40 billion in revenue for the quarter, exceeding expectations, with analysts projecting an average earnings per share of 2.21 for the current year.

Allstate Corp lifted its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 190.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,682 shares of the company's stock after acquiring an additional 12,258 shares during the quarter. Allstate Corp's holdings in MGM Resorts International were worth $554,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. First Trust Advisors LP increased its position in MGM Resorts International by 1.3% in the 4th quarter. First Trust Advisors LP now owns 288,252 shares of the company's stock valued at $9,988,000 after buying an additional 3,687 shares in the last quarter. MML Investors Services LLC lifted its holdings in MGM Resorts International by 3.0% during the fourth quarter. MML Investors Services LLC now owns 43,891 shares of the company's stock worth $1,521,000 after acquiring an additional 1,263 shares during the period. TD Waterhouse Canada Inc. grew its stake in shares of MGM Resorts International by 8.9% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock worth $111,000 after acquiring an additional 261 shares during the period. State of Tennessee Department of Treasury increased its holdings in MGM Resorts International by 65.4% in the 4th quarter. State of Tennessee Department of Treasury now owns 60,099 shares of the company's stock worth $2,082,000 after acquiring an additional 23,766 shares during the last quarter. Finally, Stifel Financial Corp increased its holdings in MGM Resorts International by 12.1% in the 4th quarter. Stifel Financial Corp now owns 190,438 shares of the company's stock worth $6,599,000 after acquiring an additional 20,609 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Price Performance

Shares of NYSE MGM traded down $0.16 during mid-day trading on Thursday, reaching $39.61. The company's stock had a trading volume of 3,380,760 shares, compared to its average volume of 4,470,078. The firm has a market capitalization of $10.78 billion, a PE ratio of 21.76, a P/E/G ratio of 1.88 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. The stock has a fifty day moving average of $36.65 and a two-hundred day moving average of $33.75. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53.

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

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

Analyst Ratings Changes

A number of research firms recently issued reports on MGM. JPMorgan Chase & Co. started coverage on MGM Resorts International in a research note on Monday, June 23rd. They set a "neutral" rating and a $38.00 price objective on the stock. Stifel Nicolaus upped their price objective on MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Barclays increased their target price on MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, July 18th. UBS Group increased their price objective on MGM Resorts International from $42.00 to $44.00 and gave the stock a "neutral" rating in a report on Thursday. Finally, Morgan Stanley increased their price objective on MGM Resorts International from $38.00 to $41.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.83.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the sale, the director directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 3.06% of the company's stock.

About MGM Resorts International

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.