AQR Capital Management LLC Increases Stake in MGM Resorts International $MGM

Key Points

• AQR Capital Management LLC increased its stake in MGM Resorts International by 104.2%, owning approximately 2.6 million shares valued at about $75.96 million as of the latest SEC filing.
• Insider trading report shows Director Keith A. Meister sold 60,000 shares for nearly $1.93 million, reducing his ownership to approximately 5.6 million shares.
• MGM's recent quarterly earnings reported $0.79 EPS, exceeding expectations and showing a 1.8% revenue increase year-over-year, with total revenue reaching $4.4 billion.

AQR Capital Management LLC grew its stake in MGM Resorts International (NYSE:MGM - Free Report) by 104.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,611,278 shares of the company's stock after buying an additional 1,332,313 shares during the period. AQR Capital Management LLC owned approximately 0.96% of MGM Resorts International worth $75,962,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Vontobel Holding Ltd. increased its stake in MGM Resorts International by 74.6% in the first quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company's stock valued at $646,000 after acquiring an additional 9,304 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of MGM Resorts International by 60.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock worth $1,830,000 after purchasing an additional 23,234 shares in the last quarter. Achmea Investment Management B.V. increased its position in shares of MGM Resorts International by 46.3% during the 1st quarter. Achmea Investment Management B.V. now owns 35,227 shares of the company's stock valued at $1,045,000 after purchasing an additional 11,152 shares during the last quarter. Osborne Partners Capital Management LLC raised its holdings in shares of MGM Resorts International by 4.1% during the 1st quarter. Osborne Partners Capital Management LLC now owns 326,197 shares of the company's stock valued at $9,668,000 after buying an additional 12,833 shares in the last quarter. Finally, D.A. Davidson & CO. lifted its position in MGM Resorts International by 3.7% in the 1st quarter. D.A. Davidson & CO. now owns 303,470 shares of the company's stock worth $8,995,000 after buying an additional 10,690 shares during the last quarter. Institutional investors own 68.11% of the company's stock.

MGM Resorts International Trading Down 1.6%

Shares of MGM Resorts International stock traded down $0.59 during trading on Thursday, reaching $35.36. 6,618,808 shares of the stock were exchanged, compared to its average volume of 3,584,735. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The firm has a market cap of $9.62 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth ratio of 1.52 and a beta of 1.69. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $42.53. The stock's fifty day moving average is $37.12 and its 200 day moving average is $33.74.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 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 business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same quarter in the prior year, the company posted $0.86 EPS. MGM Resorts International's quarterly revenue was up 1.8% compared to the same quarter last year. As a group, equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. UBS Group reduced their price target on shares of MGM Resorts International from $44.00 to $39.00 and set a "neutral" rating on the stock in a research report on Thursday. Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Morgan Stanley boosted their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday. JPMorgan Chase & Co. began coverage on shares of MGM Resorts International in a research report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price target for the company. Finally, Truist Financial lifted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.67.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 242,000 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the completion of the sale, the director owned 5,385,478 shares of the company's stock, valued at $190,753,630.76. This trade represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.06% of the stock is currently 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.