GAMMA Investing LLC Purchases 186,120 Shares of MGM Resorts International (NYSE:MGM)

GAMMA Investing LLC grew its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 3,177.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 191,978 shares of the company's stock after purchasing an additional 186,120 shares during the period. GAMMA Investing LLC owned about 0.07% of MGM Resorts International worth $5,690,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Mascagni Wealth Management Inc. purchased a new stake in shares of MGM Resorts International during the fourth quarter worth approximately $28,000. American Assets Investment Management LLC boosted its holdings in shares of MGM Resorts International by 26.5% in the fourth quarter. American Assets Investment Management LLC now owns 31,565 shares of the company's stock valued at $1,094,000 after acquiring an additional 6,619 shares in the last quarter. Centaurus Financial Inc. raised its holdings in MGM Resorts International by 37.3% during the fourth quarter. Centaurus Financial Inc. now owns 5,125 shares of the company's stock worth $178,000 after purchasing an additional 1,392 shares in the last quarter. Lighthouse Financial LLC acquired a new position in MGM Resorts International during the fourth quarter worth $787,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of MGM Resorts International during the 4th quarter worth $5,343,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

Insiders Place Their Bets

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the sale, the chief operating officer now directly owns 281,530 shares of the company's stock, valued at approximately $9,693,077.90. The trade was a 12.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Company insiders own 3.06% of the company's stock.

MGM Resorts International Stock Performance

MGM stock traded down $1.04 during mid-day trading on Friday, hitting $32.11. The company had a trading volume of 689,494 shares, compared to its average volume of 4,815,121. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $47.26. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The stock's fifty day moving average price is $31.38 and its two-hundred day moving average price is $33.12. The firm has a market cap of $8.74 billion, a PE ratio of 13.37, a price-to-earnings-growth ratio of 0.98 and a beta of 1.76.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The firm had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.29 billion. During the same quarter last year, the firm posted $0.74 EPS. The company's revenue was down 2.4% compared to the same quarter last year. On average, analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

Several equities analysts have weighed in on MGM shares. 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. Macquarie lowered their price target on shares of MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Argus raised MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a research note on Friday, February 14th. Susquehanna increased their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research note on Thursday, May 1st. Finally, Morgan Stanley decreased their price target on shares of MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $48.94.

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.