Banco Bilbao Vizcaya Argentaria S.A. Acquires 12,124 Shares of MGM Resorts International $MGM

Key Points

• Banco Bilbao Vizcaya Argentaria S.A. significantly increased its stake in MGM Resorts International by 125.9%, acquiring a total of 21,752 shares valued at approximately $647,000.
• MGM Resorts reported earnings per share of $0.79 for the last quarter, exceeding analysts' expectations by $0.21, and showing a revenue of $4.40 billion.
• The company has approved a stock repurchase plan to buy back up to $2.00 billion of its shares, indicating that management believes its stock is undervalued.

Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 125.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,752 shares of the company's stock after purchasing an additional 12,124 shares during the period. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in MGM Resorts International were worth $647,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of MGM. Davis Selected Advisers raised its holdings in MGM Resorts International by 4.5% during the first quarter. Davis Selected Advisers now owns 20,815,057 shares of the company's stock valued at $616,958,000 after buying an additional 894,344 shares in the last quarter. Invesco Ltd. increased its holdings in shares of MGM Resorts International by 7.7% during the 1st quarter. Invesco Ltd. now owns 6,233,213 shares of the company's stock valued at $184,752,000 after acquiring an additional 447,870 shares during the last quarter. Southeastern Asset Management Inc. TN raised its stake in shares of MGM Resorts International by 9.6% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company's stock valued at $83,477,000 after acquiring an additional 211,245 shares in the last quarter. Northern Trust Corp raised its stake in shares of MGM Resorts International by 15.1% in the 4th quarter. Northern Trust Corp now owns 2,315,748 shares of the company's stock valued at $80,241,000 after acquiring an additional 303,711 shares in the last quarter. Finally, Eminence Capital LP acquired a new stake in MGM Resorts International in the 4th quarter worth approximately $72,408,000. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Trading Up 4.9%

Shares of MGM stock opened at $37.9950 on Friday. The firm has a market capitalization of $10.34 billion, a P/E ratio of 20.88, a price-to-earnings-growth ratio of 1.80 and a beta of 1.81. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $42.53. The firm's fifty day simple moving average is $36.24 and its 200 day simple moving average is $33.62. 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 during the quarter, compared to the consensus estimate of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business's revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.86 EPS. As a group, sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International declared that its board has approved a stock repurchase plan on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the sale, the director directly owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. This trade represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.06% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on MGM. Barclays increased their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, July 18th. The Goldman Sachs Group assumed coverage on shares of MGM Resorts International in a report on Monday, July 7th. They set a "sell" rating and a $34.00 price objective for the company. Mizuho lowered their target price on shares of MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating on the stock in a research note on Thursday, July 31st. UBS Group boosted their target price on shares of MGM Resorts International from $37.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Finally, Susquehanna upped their price target on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a "positive" rating in a report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.72.

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.

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