American Assets Investment Management LLC Raises Position in MGM Resorts International (NYSE:MGM)

Key Points

• American Assets Investment Management LLC increased its position in MGM Resorts International by 391.3%, owning 155,067 shares valued at approximately $4.6 million after acquiring an additional 123,502 shares in the first quarter.
• MGM Resorts posted a quarterly earnings report indicating an EPS of $0.79, surpassing expectations, with a revenue of $4.40 billion, a year-over-year increase of 1.8%.
• The board approved a $2 billion share repurchase program, allowing the company to buy back up to 22.4% of its outstanding shares, signaling that the board considers its stock undervalued.

American Assets Investment Management LLC increased its stake in MGM Resorts International (NYSE:MGM - Free Report) by 391.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 155,067 shares of the company's stock after purchasing an additional 123,502 shares during the quarter. American Assets Investment Management LLC owned approximately 0.06% of MGM Resorts International worth $4,596,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Mascagni Wealth Management Inc. purchased a new position in shares of MGM Resorts International in the fourth quarter valued at about $28,000. Golden State Wealth Management LLC grew its position in shares of MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after purchasing an additional 455 shares in the last quarter. True Wealth Design LLC purchased a new position in shares of MGM Resorts International during the fourth quarter valued at about $33,000. CX Institutional purchased a new position in shares of MGM Resorts International during the first quarter valued at about $36,000. Finally, Bayforest Capital Ltd purchased a new position in shares of MGM Resorts International during the first quarter valued at about $43,000. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock traded up $0.10 during trading hours on Wednesday, reaching $35.07. The stock had a trading volume of 3,679,395 shares, compared to its average volume of 5,080,085. The stock's 50 day moving average is $35.34 and its 200 day moving average is $33.44. The firm has a market capitalization of $9.55 billion, a PE ratio of 19.27, a PEG ratio of 1.65 and a beta of 1.81. MGM Resorts International has a twelve month low of $25.30 and a twelve month 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.

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

MGM Resorts International declared that its board has authorized a share buyback program 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 programs are generally a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Morgan Stanley raised their price objective on MGM Resorts International from $38.00 to $41.00 and gave the company an "equal weight" rating in a research report on Wednesday. Citigroup upgraded MGM Resorts International from a "hold" rating to a "strong-buy" rating and lifted their price target for the stock from $55.00 to $57.00 in a research report on Wednesday, July 9th. Macquarie dropped their price target on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, JMP Securities reissued a "market perform" rating on shares of MGM Resorts International in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $48.72.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total transaction of $183,766.73. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,261 shares of company stock valued at $3,486,367. 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.