Key Colony Management LLC Grows Stake in MGM Resorts International $MGM

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

Several other hedge funds have also recently made changes to their positions in MGM. Captrust Financial Advisors raised its position in shares of MGM Resorts International by 84.8% during the 4th quarter. Captrust Financial Advisors now owns 14,295 shares of the company's stock valued at $495,000 after buying an additional 6,559 shares in the last quarter. Cetera Investment Advisers grew its holdings in MGM Resorts International by 34.2% during the 4th quarter. Cetera Investment Advisers now owns 110,956 shares of the company's stock valued at $3,845,000 after purchasing an additional 28,268 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in MGM Resorts International by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,701 shares of the company's stock valued at $648,000 after purchasing an additional 617 shares during the last quarter. NorthRock Partners LLC bought a new position in MGM Resorts International during the 4th quarter valued at about $217,000. Finally, Mufg Securities Americas Inc. bought a new position in MGM Resorts International during the 4th quarter valued at about $116,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 242,000 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction on Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the sale, the insider directly owned 31,521 shares of the company's stock, valued at $1,138,538.52. This represents a 65.56% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company's stock.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of research analyst reports. Barclays upped their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. Mizuho lowered their price target 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. Seaport Res Ptn cut shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. 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 upped their price target on shares of MGM Resorts International from $50.00 to $60.00 and gave the stock 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 assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of "Moderate Buy" and an average target price of $48.67.

MGM Resorts International Price Performance

NYSE MGM traded up $0.38 during midday trading on Thursday, hitting $35.67. The company had a trading volume of 1,843,123 shares, compared to its average volume of 5,210,441. 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 has a twelve month low of $25.30 and a twelve month high of $42.53. The company has a market capitalization of $9.71 billion, a PE ratio of 19.56, a P/E/G ratio of 1.49 and a beta of 1.69. The firm has a 50-day moving average price of $36.94 and a 200-day moving average price of $33.74.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $4.40 billion for 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 quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 EPS. As a group, analysts anticipate that MGM Resorts International will post 2.21 earnings per share 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.