Credit Agricole S A Acquires 45,012 Shares of MGM Resorts International $MGM

Key Points

• Credit Agricole S A increased its stake in MGM Resorts International by 50.1%, now owning a total of 134,855 shares worth approximately $3,997,000.
• Insider activity revealed that Director Keith A. Meister sold 60,000 shares at an average price of $32.09, reducing his ownership by 1.05%.
• MGM Resorts announced a share repurchase program worth $2.00 billion, indicating confidence in the company's stock valuation.

Credit Agricole S A increased its position in MGM Resorts International (NYSE:MGM - Free Report) by 50.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 134,855 shares of the company's stock after purchasing an additional 45,012 shares during the quarter. Credit Agricole S A's holdings in MGM Resorts International were worth $3,997,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. ArrowMark Colorado Holdings LLC boosted its holdings in MGM Resorts International by 42.8% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock valued at $32,473,000 after acquiring an additional 280,700 shares during the last quarter. Vontobel Holding Ltd. raised its position in shares of MGM Resorts International by 74.6% in the 1st 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 period. Wealth Enhancement Advisory Services LLC raised its holdings in MGM Resorts International by 60.3% in the first 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 during the period. Achmea Investment Management B.V. increased its position in shares of MGM Resorts International by 46.3% in the 1st quarter. Achmea Investment Management B.V. now owns 35,227 shares of the company's stock valued at $1,045,000 after buying an additional 11,152 shares in the last quarter. Finally, Osborne Partners Capital Management LLC lifted its holdings in MGM Resorts International by 4.1% during the first quarter. Osborne Partners Capital Management LLC now owns 326,197 shares of the company's stock worth $9,668,000 after acquiring an additional 12,833 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on MGM. Barclays boosted their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. Citigroup upgraded MGM Resorts International from a "hold" rating to a "strong-buy" rating and raised their price objective for the company from $55.00 to $57.00 in a report on Wednesday, July 9th. Seaport Res Ptn lowered MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Mizuho reduced their price target on MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $48.83.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction on 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 sale, the director owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. The trade was 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 the SEC website. Company insiders own 3.06% of the company's stock.

MGM Resorts International Price Performance

Shares of NYSE MGM traded down $0.26 during midday trading on Thursday, reaching $39.52. 986,878 shares of the company were exchanged, compared to its average volume of 5,281,005. The stock's 50-day moving average price is $36.53 and its 200-day moving average price is $33.72. The stock has a market cap of $10.76 billion, a P/E ratio of 21.69, a PEG ratio of 1.82 and a beta of 1.81. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. MGM Resorts International has a one year low of $25.30 and a one year high of $42.53.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter last year, the business posted $0.86 EPS. MGM Resorts International's revenue for the quarter was up 1.8% on a year-over-year basis. On average, sell-side analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has initiated a stock repurchase program on Wednesday, April 30th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 22.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.

MGM Resorts International Company Profile

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.