GMT Capital Corp Acquires New Shares in MGM Resorts International $MGM

Key Points

• GMT Capital Corp acquired a new stake in MGM Resorts International, purchasing 1,236,700 shares valued at approximately $36.7 million, making MGM 1.9% of its investment portfolio.
• Multiple hedge funds have significantly increased their holdings in MGM Resorts, with AQR Capital Management raising its position by an impressive 12,726.8% in the last quarter.
• MGM Resorts recently reported earnings of $0.79 per share for the quarter, exceeding expectations and indicating a year-over-year revenue increase of 1.8%.

GMT Capital Corp acquired a new position in MGM Resorts International (NYSE:MGM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 1,236,700 shares of the company's stock, valued at approximately $36,656,000. MGM Resorts International comprises approximately 1.9% of GMT Capital Corp's investment portfolio, making the stock its 20th largest holding. GMT Capital Corp owned about 0.45% of MGM Resorts International at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Mascagni Wealth Management Inc. acquired a new position in shares of MGM Resorts International in the 4th quarter worth approximately $28,000. Golden State Wealth Management LLC boosted its holdings in shares of MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after buying an additional 455 shares during the period. CX Institutional acquired a new position in shares of MGM Resorts International in the first quarter worth about $36,000. Bayforest Capital Ltd acquired a new position in shares of MGM Resorts International in the first quarter worth about $43,000. Finally, UMB Bank n.a. boosted its holdings in shares of MGM Resorts International by 91.0% in the first quarter. UMB Bank n.a. now owns 1,616 shares of the company's stock worth $48,000 after buying an additional 770 shares during the period. Institutional investors and hedge funds own 68.11% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on MGM shares. Truist Financial raised their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Morgan Stanley raised their price target on shares of MGM Resorts International from $38.00 to $41.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. initiated coverage on shares of MGM Resorts International in a report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price target for the company. Finally, UBS Group raised their price target on shares of MGM Resorts International from $42.00 to $44.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.83.

MGM Resorts International Stock Performance

MGM stock traded down $0.83 on Wednesday, reaching $38.09. 3,654,383 shares of the company were exchanged, compared to its average volume of 5,258,333. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $42.53. The stock's fifty day moving average price is $36.99 and its 200 day moving average price is $33.78. The firm has a market capitalization of $10.37 billion, a PE ratio of 20.93, a PEG ratio of 1.87 and a beta of 1.69. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18.

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 the consensus estimate of $0.58 by $0.21. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.86 EPS. On average, research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction dated 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 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.06% of the stock is currently 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.