MGM Resorts International $MGM Shares Acquired by Key Colony Management LLC

Key Points

• Key Colony Management LLC increased its stake in MGM Resorts International by 9.8%, acquiring an additional 55,000 shares, making MGM its second largest holding.
• Insider transactions saw Director Keith A. Meister sell 242,000 shares at $35.42, reducing his stake by 4.3% while still holding over 5 million shares valued at approximately $190.75 million.
• MGM Resorts reported quarterly earnings of $0.79 per share, exceeding analyst estimates, with revenue also surpassing expectations at $4.40 billion, reflecting a 1.8% year-over-year growth.

Key Colony Management LLC grew its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 9.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 615,000 shares of the company's stock after buying an additional 55,000 shares during the period. MGM Resorts International accounts for about 23.9% of Key Colony Management LLC's holdings, making the stock its 2nd biggest holding. Key Colony Management LLC owned 0.23% of MGM Resorts International worth $21,150,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vontobel Holding Ltd. raised its position in shares of MGM Resorts International by 74.6% in the first quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company's stock valued at $646,000 after buying an additional 9,304 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in MGM Resorts International by 60.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock worth $1,830,000 after purchasing an additional 23,234 shares during the last quarter. Achmea Investment Management B.V. increased its position in MGM Resorts International by 46.3% during the first quarter. Achmea Investment Management B.V. now owns 35,227 shares of the company's stock worth $1,045,000 after purchasing an additional 11,152 shares during the last quarter. Osborne Partners Capital Management LLC increased its position in MGM Resorts International by 4.1% during the first quarter. Osborne Partners Capital Management LLC now owns 326,197 shares of the company's stock worth $9,668,000 after purchasing an additional 12,833 shares during the last quarter. Finally, D.A. Davidson & CO. boosted its stake in MGM Resorts International by 3.7% during the first quarter. D.A. Davidson & CO. now owns 303,470 shares of the company's stock worth $8,995,000 after buying an additional 10,690 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 242,000 shares of the firm's stock in a transaction dated 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 completion of the sale, the director directly owned 5,385,478 shares of the company's stock, valued at $190,753,630.76. This trade represents a 4.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.06% of the company's stock.

MGM Resorts International Trading Down 2.3%

NYSE:MGM opened at $34.54 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $42.53. The firm has a market capitalization of $9.40 billion, a price-to-earnings ratio of 18.98, a price-to-earnings-growth ratio of 1.49 and a beta of 1.69. The stock has a fifty day simple moving average of $37.06 and a 200 day simple moving average of $33.73.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.21. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.MGM Resorts International's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the company posted $0.86 EPS. Sell-side analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MGM. Truist Financial raised their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Citizens Jmp cut MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. The Goldman Sachs Group began coverage on MGM Resorts International in a research report on Monday, July 7th. They issued a "sell" rating and a $34.00 target price on the stock. Finally, Citigroup raised MGM Resorts International from a "hold" rating to a "strong-buy" rating and raised their price target for the company from $55.00 to $57.00 in a report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, MGM Resorts International has a consensus rating of "Moderate Buy" and an average target price of $48.67.

MGM Resorts International 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.

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