AlphaQuest LLC Has $335,000 Stock Position in MGM Resorts International $MGM

Key Points

• AlphaQuest LLC significantly reduced its stake in MGM Resorts International by 61.1%, now holding 11,304 shares valued at $335,000 as of the latest SEC filing.
• MGM Resorts International's stock has recently increased by 3.3%, with a current market cap of $10.83 billion and a price-to-earnings ratio of 21.85.
• The company announced a $2.00 billion stock buyback program, indicating confidence from leadership that its stock is undervalued.

AlphaQuest LLC trimmed its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 61.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,304 shares of the company's stock after selling 17,729 shares during the quarter. AlphaQuest LLC's holdings in MGM Resorts International were worth $335,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MGM. Eminence Capital LP bought a new stake in shares of MGM Resorts International during the fourth quarter worth approximately $72,408,000. Helikon Investments Ltd bought a new stake in shares of MGM Resorts International in the first quarter valued at about $54,418,000. Fuller & Thaler Asset Management Inc. acquired a new position in MGM Resorts International during the 1st quarter worth approximately $47,631,000. AQR Capital Management LLC boosted its holdings in MGM Resorts International by 12,726.8% during the fourth quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company's stock worth $44,316,000 after purchasing an additional 1,268,994 shares during the last quarter. Finally, Davis Selected Advisers raised its holdings in MGM Resorts International by 4.5% during the first quarter. Davis Selected Advisers now owns 20,815,057 shares of the company's stock worth $616,958,000 after acquiring an additional 894,344 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total value 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 $180,585,769.02. The trade was a 1.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 3.06% of the company's stock.

MGM Resorts International Trading Up 0.4%

MGM traded up $0.14 during trading on Monday, reaching $39.73. 2,985,837 shares of the company's stock were exchanged, compared to its average volume of 3,867,611. The stock has a market capitalization of $10.82 billion, a PE ratio of 21.83, a price-to-earnings-growth ratio of 1.87 and a beta of 1.69. MGM Resorts International has a one year low of $25.30 and a one year high of $42.53. The firm has a fifty day moving average price of $36.76 and a two-hundred day moving average price of $33.74. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67.

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MGM shares. Stifel Nicolaus lifted their price objective 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. UBS Group lifted their target price on MGM Resorts International from $42.00 to $44.00 and gave the stock a "neutral" rating in a report on Thursday. Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Mizuho cut their price target on MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. Finally, The Goldman Sachs Group started coverage on MGM Resorts International in a report on Monday, July 7th. They issued a "sell" rating and a $34.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $48.83.

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.