Levin Capital Strategies L.P. Has $2.74 Million Stake in MGM Resorts International (NYSE:MGM)

Key Points

• Levin Capital Strategies L.P. increased its holdings in MGM Resorts International by 13.5%, purchasing an additional 10,988 shares, bringing their total ownership to 92,553 shares valued at approximately $2.74 million.
• The company's recent earnings report showed an EPS of $0.79, exceeding estimates and generating revenue of $4.40 billion, indicating a 1.8% year-over-year increase.
• MGM Resorts has initiated a $2 billion share buyback plan, authorizing purchases of up to 22.4% of its outstanding shares, a move generally seen as a sign of undervaluation by management.

Levin Capital Strategies L.P. grew its stake in MGM Resorts International (NYSE:MGM - Free Report) by 13.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 92,553 shares of the company's stock after purchasing an additional 10,988 shares during the period. Levin Capital Strategies L.P.'s holdings in MGM Resorts International were worth $2,743,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Mascagni Wealth Management Inc. bought a new position in MGM Resorts International in the 4th quarter valued at $28,000. True Wealth Design LLC bought a new position in shares of MGM Resorts International in the fourth quarter valued at about $33,000. Golden State Wealth Management LLC raised its holdings 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 valued at $30,000 after buying an additional 455 shares during the last quarter. CX Institutional bought a new stake in MGM Resorts International during the 1st quarter worth about $36,000. Finally, Quarry LP increased its position in MGM Resorts International by 750.6% in the 4th quarter. Quarry LP now owns 1,446 shares of the company's stock valued at $50,000 after acquiring an additional 1,276 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Up 0.3%

Shares of MGM stock traded up $0.10 during trading hours on Wednesday, hitting $35.07. 3,679,395 shares of the company were exchanged, compared to its average volume of 5,080,085. MGM Resorts International has a 52 week low of $25.30 and a 52 week 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 business has a 50 day moving average of $35.34 and a two-hundred day moving average of $33.44. The company has a market capitalization of $9.55 billion, a PE ratio of 19.27, a PEG ratio of 1.65 and a beta of 1.81.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its 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 firm 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 company's revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.86 EPS. Analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its Board of Directors has approved a stock repurchase plan 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 plans are usually a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MGM. Truist Financial upped their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Seaport Res Ptn lowered MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. Stifel Nicolaus boosted their target price on MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. assumed coverage on MGM Resorts International in a report on Monday, June 23rd. They issued a "neutral" rating and a $38.00 price target on the stock. Finally, JMP Securities reissued a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $48.72.

Insider Buying and Selling at MGM Resorts International

In related news, Director Daniel J. Taylor sold 5,261 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the sale, the chief operating officer owned 281,530 shares in the company, valued at $9,693,077.90. The trade was a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 105,261 shares of company stock worth $3,486,367. Corporate insiders own 3.06% of the company's stock.

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.