Ieq Capital LLC Boosts Stake in MGM Resorts International $MGM

Key Points

• Ieq Capital LLC significantly increased its stake in MGM Resorts International by purchasing an additional 30,155 shares, bringing its total holdings to 60,310 shares valued at approximately $1.79 million.
• Institutions currently own 68.11% of MGM's stock, with notable transactions from other large investors including Eminence Capital LP and Helikon Investments Ltd.
• MGM's recent earnings report showed an EPS of $0.79, surpassing analysts' expectations, with revenue of $4.40 billion, reflecting a 1.8% increase compared to the previous year.

Ieq Capital LLC lifted its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 100.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 60,310 shares of the company's stock after acquiring an additional 30,155 shares during the quarter. Ieq Capital LLC's holdings in MGM Resorts International were worth $1,788,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mascagni Wealth Management Inc. bought a new stake in shares of MGM Resorts International during the 4th quarter valued at $28,000. Golden State Wealth Management LLC increased its holdings in MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after purchasing an additional 455 shares in the last quarter. CX Institutional acquired a new position in MGM Resorts International in the 1st quarter worth about $36,000. Bayforest Capital Ltd acquired a new stake in shares of MGM Resorts International in the first quarter valued at about $43,000. Finally, UMB Bank n.a. increased its stake 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 valued at $48,000 after buying an additional 770 shares during the period. Institutional investors and hedge funds own 68.11% of the company's stock.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the transaction, the director directly owned 5,627,478 shares in the company, valued at $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.06% of the stock is currently owned by insiders.

MGM Resorts International Stock Performance

Shares of NYSE MGM traded down $0.37 during mid-day trading on Friday, hitting $36.67. The company had a trading volume of 4,909,587 shares, compared to its average volume of 3,610,142. The company has a market capitalization of $9.98 billion, a price-to-earnings ratio of 20.15, a P/E/G ratio of 1.55 and a beta of 1.69. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $42.53. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The stock's 50-day moving average price is $37.18 and its 200-day moving average price is $33.74.

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 for the quarter, beating the consensus estimate of $0.58 by $0.21. The company had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The firm's quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the business 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.

Analyst Ratings Changes

Several brokerages have recently weighed in on MGM. Stifel Nicolaus increased their price target on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Wall Street Zen raised MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Morgan Stanley lifted their price target on MGM Resorts International from $38.00 to $41.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Citigroup upgraded MGM Resorts International from a "hold" rating to a "strong-buy" rating and boosted their target price for the company from $55.00 to $57.00 in a research note on Wednesday, July 9th. Finally, The Goldman Sachs Group assumed coverage on MGM Resorts International in a research note on Monday, July 7th. They issued a "sell" rating and a $34.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, MGM Resorts International has a consensus rating of "Moderate Buy" and a consensus price target of $48.83.

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.