Ground Swell Capital LLC Makes New Investment in MGM Resorts International (NYSE:MGM)

Key Points

• Ground Swell Capital LLC has made a new investment in MGM Resorts International, purchasing 8,374 shares valued at approximately $248,000 according to SEC filings.
• Institutional investors have been actively increasing their positions in MGM, with firms like Envestnet Asset Management and Cerity Partners significantly boosting their stakes in the last quarter.
• MGM Resorts recently reported earnings of $0.79 EPS, surpassing analysts' estimates of $0.58, alongside a revenue of $4.40 billion for the quarter.

Ground Swell Capital LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 8,374 shares of the company's stock, valued at approximately $248,000.

Several other institutional investors have also recently made changes to their positions in MGM. Envestnet Asset Management Inc. increased its holdings in shares of MGM Resorts International by 12.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 446,822 shares of the company's stock valued at $15,482,000 after purchasing an additional 49,186 shares in the last quarter. Cerity Partners LLC grew its stake in MGM Resorts International by 56.3% in the 4th quarter. Cerity Partners LLC now owns 51,382 shares of the company's stock valued at $1,856,000 after acquiring an additional 18,501 shares during the period. Raymond James Financial Inc. acquired a new stake in MGM Resorts International in the 4th quarter valued at $20,053,000. Sterling Capital Management LLC grew its stake in MGM Resorts International by 54.3% in the 4th quarter. Sterling Capital Management LLC now owns 13,849 shares of the company's stock valued at $480,000 after acquiring an additional 4,876 shares during the period. Finally, Rockefeller Capital Management L.P. grew its stake in MGM Resorts International by 3.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 21,505 shares of the company's stock valued at $751,000 after acquiring an additional 720 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the sale, the director directly owned 5,627,478 shares in the company, 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 Securities & Exchange Commission, which is available at the SEC website. 3.06% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MGM. UBS Group lifted 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 note on Tuesday, July 8th. Citizens Jmp cut shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. The Goldman Sachs Group initiated coverage on shares of MGM Resorts International in a research note on Monday, July 7th. They issued a "sell" rating and a $34.00 price target on the stock. Mizuho lowered 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. Finally, Macquarie lowered their target price on shares of MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $48.72.

MGM Resorts International Stock Up 3.0%

Shares of MGM opened at $36.45 on Thursday. The firm has a market cap of $9.92 billion, a P/E ratio of 20.03, a price-to-earnings-growth ratio of 1.67 and a beta of 1.81. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $42.53. The company's 50-day moving average price is $35.67 and its 200 day moving average price is $33.51. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.21. The company 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.86 earnings per share. On average, sell-side analysts forecast 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 share buyback program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 22.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is 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.

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