Deutsche Bank AG Sells 16,063 Shares of MGM Resorts International (NYSE:MGM)

Key Points

• Deutsche Bank AG reduced its stake in MGM Resorts International by 1.1%, currently holding 1,413,052 shares valued at approximately $41.88 million.
• MGM Resorts reported earnings of $0.79 EPS for the last quarter, exceeding analysts' expectations of $0.58, with revenue reaching $4.40 billion.
• The company's Board of Directors approved a $2.00 billion stock repurchase plan, indicating a belief that its stock is undervalued.

Deutsche Bank AG cut its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,413,052 shares of the company's stock after selling 16,063 shares during the period. Deutsche Bank AG owned 0.52% of MGM Resorts International worth $41,883,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Marshall Wace LLP raised its stake in MGM Resorts International by 50.9% in the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock valued at $112,048,000 after purchasing an additional 1,090,533 shares in the last quarter. Southeastern Asset Management Inc. TN raised its stake in MGM Resorts International by 9.6% in the fourth quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company's stock valued at $83,477,000 after purchasing an additional 211,245 shares in the last quarter. Northern Trust Corp raised its stake in MGM Resorts International by 15.1% in the fourth quarter. Northern Trust Corp now owns 2,315,748 shares of the company's stock valued at $80,241,000 after purchasing an additional 303,711 shares in the last quarter. Eminence Capital LP purchased a new stake in MGM Resorts International in the fourth quarter valued at approximately $72,408,000. Finally, Empower Advisory Group LLC raised its stake in MGM Resorts International by 13.1% in the first quarter. Empower Advisory Group LLC now owns 1,541,516 shares of the company's stock valued at $45,691,000 after purchasing an additional 178,303 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $35.40 on Wednesday. The stock has a fifty day moving average of $35.58 and a 200 day moving average of $33.49. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The firm has a market capitalization of $9.63 billion, a price-to-earnings ratio of 19.45, a PEG ratio of 1.62 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 (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping 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 company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same quarter last year, the firm posted $0.86 earnings per share. The firm's revenue was up 1.8% on a year-over-year basis. As a group, research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its Board of Directors has approved a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Barclays raised their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Morgan Stanley increased their price target on shares of MGM Resorts International from $38.00 to $41.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. UBS Group increased their price target on shares of MGM Resorts International from $37.00 to $42.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Seaport Res Ptn cut shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. Finally, Susquehanna increased their price target on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a "positive" rating in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, MGM Resorts International has a consensus rating of "Moderate Buy" and an average target price of $48.72.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 60,000 shares of the firm's stock in a transaction 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 sale, the director 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 sale was disclosed in a legal filing with the SEC, which is available through this link. 3.06% of the stock is owned by insiders.

MGM Resorts International 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.

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