BI Asset Management Fondsmaeglerselskab A S Lowers Stock Position in MGM Resorts International $MGM

Key Points

• BI Asset Management Fondsmaeglerselskab A S reduced its stake in MGM Resorts International by 79.7%, selling 24,563 shares and retaining only 6,261 shares, now valued at $186,000.
• Institutional investors collectively own 68.11% of MGM Resorts, with notable recent investments from Eminence Capital LP and Helikon Investments Ltd, signaling strong interest in the company.
• MGM Resorts recently reported an earnings per share (EPS) of $0.79, exceeding expectations, and announced a $2 billion share buyback program, indicating confidence in its stock value.

BI Asset Management Fondsmaeglerselskab A S cut its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 79.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,261 shares of the company's stock after selling 24,563 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in MGM Resorts International were worth $186,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. TD Waterhouse Canada Inc. increased its stake in MGM Resorts International by 8.9% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock worth $111,000 after purchasing an additional 261 shares during the period. Amalgamated Bank increased its stake in MGM Resorts International by 0.8% during the first 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 period. State of Alaska Department of Revenue increased its stake in MGM Resorts International by 1.6% during the first 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 during the period. Golden State Wealth Management LLC increased its stake in 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 worth $30,000 after purchasing an additional 455 shares during the period. Finally, Northeast Financial Consultants Inc increased its stake in MGM Resorts International by 4.7% during the fourth quarter. Northeast Financial Consultants Inc now owns 11,250 shares of the company's stock worth $390,000 after purchasing an additional 500 shares during the period. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Stock Down 0.8%

MGM traded down $0.31 on Thursday, reaching $39.47. The company's stock had a trading volume of 1,951,554 shares, compared to its average volume of 5,287,287. The stock has a 50 day moving average of $36.53 and a two-hundred day moving average of $33.72. 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 company has a market capitalization of $10.74 billion, a price-to-earnings ratio of 21.69, a P/E/G ratio of 1.82 and a beta of 1.81. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $42.53.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results 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. 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 return on equity of 19.39% and a net margin of 3.13%.The firm's quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.86 earnings per share. As a group, analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its Board of Directors has initiated a share repurchase program on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MGM shares. Citigroup upgraded shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and boosted their price target for the stock from $55.00 to $57.00 in a research note on Wednesday, July 9th. Mizuho cut 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. Stifel Nicolaus upped their target price on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Citizens Jmp lowered shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. Finally, Barclays upped their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. One 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. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $48.83.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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.