Beverly Hills Private Wealth LLC Makes New $1.31 Million Investment in MGM Resorts International (NYSE:MGM)

Beverly Hills Private Wealth LLC acquired a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 44,235 shares of the company's stock, valued at approximately $1,311,000.

A number of other hedge funds have also recently modified their holdings of MGM. Norges Bank bought a new stake in shares of MGM Resorts International during the 4th quarter valued at $88,033,000. Eminence Capital LP bought a new position in MGM Resorts International in the 4th quarter worth $72,408,000. AQR Capital Management LLC boosted its holdings in MGM Resorts International by 12,726.8% in the 4th quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company's stock worth $44,316,000 after buying an additional 1,268,994 shares during the period. Marshall Wace LLP boosted its holdings in MGM Resorts International by 50.9% in the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock worth $112,048,000 after buying an additional 1,090,533 shares during the period. Finally, Invesco Ltd. boosted its holdings in MGM Resorts International by 22.5% in the 4th quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock worth $200,462,000 after buying an additional 1,063,707 shares during the period. Institutional investors own 68.11% of the company's stock.

MGM Resorts International Price Performance

Shares of NYSE MGM traded down $0.55 during mid-day trading on Monday, hitting $37.04. 5,116,791 shares of the company's stock traded hands, compared to its average volume of 4,945,604. The company's 50-day moving average is $33.11 and its two-hundred day moving average is $32.86. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26. The company has a market capitalization of $10.08 billion, a P/E ratio of 16.54, a PEG ratio of 2.59 and a beta of 1.76. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The firm had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.29 billion. During the same period in the prior year, the company earned $0.74 EPS. The business's revenue was down 2.4% compared to the same quarter last year. On average, equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its Board of Directors has approved a share buyback program on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 22.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. JMP Securities reaffirmed a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. Morgan Stanley dropped their target price on shares of MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Stifel Nicolaus dropped their target price on shares of MGM Resorts International from $50.00 to $44.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. started coverage on shares of MGM Resorts International in a report on Monday, June 23rd. They issued a "neutral" rating and a $38.00 target price for the company. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $47.24.

Insider Buying and Selling

In related news, 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 value of $183,766.73. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 60,000 shares of the 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 completion of the sale, the director directly owned 5,627,478 shares in the company, valued at $180,585,769.02. This trade 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 ninety days. 3.06% of the stock is owned by company 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.