Jupiter Asset Management Ltd. Makes New $1.41 Million Investment in MGM Resorts International (NYSE:MGM)

Jupiter Asset Management Ltd. bought a new position in MGM Resorts International (NYSE:MGM - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 47,680 shares of the company's stock, valued at approximately $1,413,000.

A number of other institutional investors also recently modified their holdings of MGM. Mascagni Wealth Management Inc. bought a new position in shares of MGM Resorts International in the fourth quarter worth about $28,000. Golden State Wealth Management LLC raised its stake 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 acquiring an additional 455 shares during the last quarter. True Wealth Design LLC bought a new position in shares of MGM Resorts International in the fourth quarter worth about $33,000. CX Institutional bought a new stake in shares of MGM Resorts International during the first quarter worth approximately $36,000. Finally, Bayforest Capital Ltd bought a new stake in shares of MGM Resorts International during the first quarter worth approximately $43,000. 68.11% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 60,000 shares of the stock in a transaction on 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 completion of the transaction, the director owned 5,627,478 shares in the company, valued at approximately $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 SEC, which can be accessed through this hyperlink. 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 transaction of $183,766.73. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 105,261 shares of company stock worth $3,486,367. 3.06% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on MGM. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. The Goldman Sachs Group began coverage on shares of MGM Resorts International in a research note on Monday, July 7th. They set a "sell" rating and a $34.00 price target for the company. Macquarie dropped 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 research note on Friday, May 2nd. Morgan Stanley reissued a "sell" rating on shares of MGM Resorts International in a research note on Friday, July 11th. Finally, Barclays boosted their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $48.56.

MGM Resorts International Stock Down 0.6%

MGM Resorts International stock opened at $35.53 on Tuesday. The stock has a market capitalization of $9.67 billion, a PE ratio of 19.52, a price-to-earnings-growth ratio of 2.15 and a beta of 1.81. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The company has a 50 day moving average of $35.21 and a 200-day moving average of $33.42.

MGM Resorts International (NYSE:MGM - Get Free Report) last released 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 net margin of 3.13% and a return on equity of 19.39%. The business's quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.86 earnings per share. On average, equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its Board of Directors has approved a stock buyback program on Wednesday, April 30th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 22.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

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.

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