Kingstone Capital Partners Texas LLC Takes $171.63 Million Position in MGM Resorts International $MGM

Key Points

• Kingstone Capital Partners Texas LLC has acquired a significant stake in MGM Resorts International, purchasing 4,528,686 shares valued at approximately $171.6 million, representing 1.66% of the company.
• MGM's recent quarterly earnings report showed $0.79 EPS, exceeding estimates and reflecting a year-over-year revenue increase of 1.8% to $4.40 billion.
• Analysts have mixed views on MGM's stock, with an average rating of "Moderate Buy" and target prices ranging from $38 to $57.

Kingstone Capital Partners Texas LLC purchased a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 4,528,686 shares of the company's stock, valued at approximately $171,632,000. Kingstone Capital Partners Texas LLC owned approximately 1.66% of MGM Resorts International at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of MGM. Exchange Traded Concepts LLC boosted its holdings in shares of MGM Resorts International by 52.1% in the 2nd quarter. Exchange Traded Concepts LLC now owns 83,079 shares of the company's stock valued at $2,857,000 after acquiring an additional 28,450 shares during the last quarter. Keystone Wealth Services LLC boosted its holdings in shares of MGM Resorts International by 22.2% in the 2nd quarter. Keystone Wealth Services LLC now owns 8,891 shares of the company's stock valued at $306,000 after acquiring an additional 1,616 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of MGM Resorts International by 66.9% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company's stock valued at $45,000 after acquiring an additional 529 shares during the last quarter. Chemistry Wealth Management LLC boosted its holdings in shares of MGM Resorts International by 147.4% in the 2nd quarter. Chemistry Wealth Management LLC now owns 20,536 shares of the company's stock valued at $706,000 after acquiring an additional 12,236 shares during the last quarter. Finally, Parallel Advisors LLC boosted its holdings in shares of MGM Resorts International by 7.7% in the 2nd quarter. Parallel Advisors LLC now owns 6,748 shares of the company's stock valued at $232,000 after acquiring an additional 482 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.

Insider Activity

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the transaction, the insider directly owned 31,521 shares in the company, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Meister sold 242,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the sale, the director directly owned 5,385,478 shares of the company's stock, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is owned by insiders.

MGM Resorts International Stock Down 0.3%

Shares of NYSE:MGM traded down $0.11 during trading on Friday, hitting $35.83. 7,168,382 shares of the company were exchanged, compared to its average volume of 4,059,833. The stock has a market capitalization of $9.75 billion, a P/E ratio of 19.69, a PEG ratio of 1.51 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 has a 12-month low of $25.30 and a 12-month high of $42.53. The firm's 50 day moving average price is $36.84 and its 200-day moving average price is $33.79.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.21. The business had revenue of $4.40 billion for 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 company's quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 EPS. On average, research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Analyst Ratings Changes

MGM has been the topic of a number of recent analyst reports. Citigroup raised shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and increased their price target for the stock from $55.00 to $57.00 in a report on Wednesday, July 9th. JMP Securities reissued a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. JPMorgan Chase & Co. began coverage on shares of MGM Resorts International in a report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price objective on the stock. Seaport Res Ptn downgraded shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. Finally, 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. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.67.

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.