Kodai Capital Management LP Makes New $7.08 Million Investment in MGM Resorts International $MGM

Key Points

• Kodai Capital Management LP acquired 238,936 shares of MGM Resorts International, valued at approximately $7.08 million, increasing its ownership to 0.09% of the company.
• MGM Resorts International reported Q2 earnings of $0.79 per share, exceeding the estimate of $0.58, with revenue reaching $4.40 billion, reflecting a year-over-year increase.
• Analysts have varying assessments on MGM's stock, with price targets ranging from $34 to $58 and an average rating categorized as "Moderate Buy."

Kodai Capital Management LP purchased a new stake in MGM Resorts International (NYSE:MGM - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 238,936 shares of the company's stock, valued at approximately $7,082,000. Kodai Capital Management LP owned about 0.09% of MGM Resorts International at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Amalgamated Bank grew its position in MGM Resorts International by 0.8% during the first quarter. Amalgamated Bank now owns 43,933 shares of the company's stock worth $1,302,000 after buying an additional 329 shares during the period. State of Alaska Department of Revenue grew its position in MGM Resorts International by 1.6% during the first quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company's stock worth $776,000 after buying an additional 410 shares during the period. Golden State Wealth Management LLC grew its position in MGM Resorts International by 83.5% during 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. Northeast Financial Consultants Inc increased its stake in shares of MGM Resorts International by 4.7% during the 4th quarter. Northeast Financial Consultants Inc now owns 11,250 shares of the company's stock worth $390,000 after purchasing an additional 500 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of MGM Resorts International by 3.6% during the 1st quarter. Fifth Third Bancorp now owns 15,328 shares of the company's stock worth $454,000 after purchasing an additional 535 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Citizens Jmp lowered shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. Stifel Nicolaus raised their target price on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Morgan Stanley raised their target price on shares of MGM Resorts International from $38.00 to $41.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. UBS Group raised their target price on shares of MGM Resorts International from $42.00 to $44.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Finally, Seaport Res Ptn lowered shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, MGM Resorts International currently has an average rating of "Moderate Buy" and an average target price of $48.83.

Insiders Place Their Bets

In related news, Director Keith A. Meister sold 60,000 shares of the firm's 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 sale, the director directly owned 5,627,478 shares of the company's stock, valued at approximately $180,585,769.02. This trade represents a 1.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.06% of the company's stock.

MGM Resorts International Trading Down 1.4%

Shares of MGM stock traded down $0.53 during mid-day trading on Wednesday, reaching $38.38. The company's stock had a trading volume of 1,266,811 shares, compared to its average volume of 5,252,008. The company's 50 day simple moving average is $36.99 and its 200-day simple moving average is $33.78. MGM Resorts International has a 12-month low of $25.30 and a 12-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 firm has a market capitalization of $10.45 billion, a PE ratio of 21.09, a price-to-earnings-growth ratio of 1.87 and a beta of 1.69.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued 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. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter last year, the firm posted $0.86 EPS. The business's revenue for the quarter was up 1.8% compared to the same quarter last year. On average, research analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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.