18,000 Shares in MGM Resorts International (NYSE:MGM) Purchased by American Assets Inc.

Key Points

• American Assets Inc. has acquired a new stake in MGM Resorts International by purchasing 18,000 shares valued at approximately $534,000, representing around 0.2% of their total holdings.
• The company reported a quarterly earnings per share of $0.79, exceeding analysts' expectations of $0.58, along with revenue of $4.40 billion.
• MGM Resorts International has announced a share repurchase program allowing for the repurchase of up to $2.00 billion in outstanding shares, signifying that the company's board believes its stock is undervalued.

American Assets Inc. purchased a new position in shares of MGM Resorts International (NYSE:MGM - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 18,000 shares of the company's stock, valued at approximately $534,000. MGM Resorts International accounts for about 0.2% of American Assets Inc.'s portfolio, making the stock its 21st biggest position.

A number of other large investors also recently modified their holdings of MGM. TD Waterhouse Canada Inc. increased its stake in MGM Resorts International by 8.9% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock valued at $111,000 after buying an additional 261 shares during the period. Amalgamated Bank grew its stake in shares of MGM Resorts International by 0.8% in the 1st quarter. Amalgamated Bank now owns 43,933 shares of the company's stock worth $1,302,000 after purchasing an additional 329 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of MGM Resorts International by 1.6% in the 1st quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company's stock worth $776,000 after purchasing an additional 410 shares in the last quarter. Golden State Wealth Management LLC lifted its position in shares of MGM Resorts International by 83.5% during the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after acquiring an additional 455 shares during the last quarter. Finally, Northeast Financial Consultants Inc boosted its stake in shares of MGM Resorts International by 4.7% during the 4th quarter. Northeast Financial Consultants Inc now owns 11,250 shares of the company's stock worth $390,000 after acquiring an additional 500 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Price Performance

NYSE MGM traded up $0.10 on Wednesday, reaching $35.07. The company's stock had a trading volume of 3,679,395 shares, compared to its average volume of 5,080,085. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The firm has a market cap of $9.55 billion, a PE ratio of 19.27, a price-to-earnings-growth ratio of 1.65 and a beta of 1.81. The business has a 50-day moving average price of $35.34 and a 200 day moving average price of $33.44.

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

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

Analyst Ratings Changes

MGM has been the subject of several analyst reports. JMP Securities reaffirmed a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. JPMorgan Chase & Co. began coverage on shares of MGM Resorts International in a report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price target on the stock. UBS Group boosted their target price on shares of MGM Resorts International from $37.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Citigroup raised MGM Resorts International from a "hold" rating to a "strong-buy" rating and raised their target price for the stock from $55.00 to $57.00 in a research report on Wednesday, July 9th. Finally, Mizuho dropped their price target on MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating on the stock in a research report on Thursday, July 31st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, MGM Resorts International has an average rating of "Moderate Buy" and an average price target of $48.72.

Insider Transactions at MGM Resorts International

In related news, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction that occurred 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 directly owned 281,530 shares in the company, valued at $9,693,077.90. This represents a 12.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the transaction, the director directly owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock valued at $3,486,367 in the last three months. 3.06% of the stock is owned by corporate insiders.

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.