Magnetar Financial LLC Makes New Investment in MGM Resorts International $MGM

Key Points

• Magnetar Financial LLC has acquired a new position in MGM Resorts International, purchasing 10,390 shares valued at approximately $308,000 during the first quarter.
• MGM Resorts has received positive ratings from multiple analysts, with price targets ranging from $42.00 to $58.00, resulting in an average rating of "Moderate Buy."
• The company recently reported earnings of $0.79 per share, exceeding estimates and showing a year-over-year revenue growth of 1.8%, further indicating strong financial performance.

Magnetar Financial LLC bought a new position in shares of MGM Resorts International (NYSE:MGM - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 10,390 shares of the company's stock, valued at approximately $308,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Davis Selected Advisers boosted its holdings in shares of MGM Resorts International by 4.5% during the 1st quarter. Davis Selected Advisers now owns 20,815,057 shares of the company's stock worth $616,958,000 after buying an additional 894,344 shares during the period. Invesco Ltd. raised its stake in MGM Resorts International by 7.7% in the 1st quarter. Invesco Ltd. now owns 6,233,213 shares of the company's stock worth $184,752,000 after purchasing an additional 447,870 shares in the last quarter. Southeastern Asset Management Inc. TN raised its stake in MGM Resorts International by 9.6% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company's stock worth $83,477,000 after purchasing an additional 211,245 shares in the last quarter. Northern Trust Corp raised its stake in MGM Resorts International by 15.1% in the 4th quarter. Northern Trust Corp now owns 2,315,748 shares of the company's stock worth $80,241,000 after purchasing an additional 303,711 shares in the last quarter. Finally, Eminence Capital LP acquired a new stake in MGM Resorts International in the 4th quarter worth about $72,408,000. Institutional investors own 68.11% of the company's stock.

MGM Resorts International Trading Down 1.0%

MGM traded down $0.37 during trading on Friday, reaching $36.67. 4,909,587 shares of the company's stock were exchanged, compared to its average volume of 3,610,142. MGM Resorts International has a one year low of $25.30 and a one 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 has a market capitalization of $9.98 billion, a PE ratio of 20.15, a price-to-earnings-growth ratio of 1.56 and a beta of 1.69. The firm has a fifty day moving average price of $37.18 and a two-hundred day moving average price of $33.78.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping 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 firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same period in the previous year, the firm posted $0.86 EPS. The company's revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Keith A. Meister sold 60,000 shares of the business'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 transaction, the director owned 5,627,478 shares in the company, valued at $180,585,769.02. The trade was a 1.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.06% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. JMP Securities restated a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Mizuho dropped their target price on shares of MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Morgan Stanley boosted their target price on shares of MGM Resorts International from $38.00 to $41.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Citizens Jmp cut shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. Finally, Susquehanna boosted their target price on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a "positive" rating in a research report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $48.83.

MGM Resorts International Company Profile

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.