ACR Alpine Capital Research LLC Has $5.13 Million Stock Position in MGM Resorts International (NYSE:MGM)

ACR Alpine Capital Research LLC lifted its position in MGM Resorts International (NYSE:MGM - Free Report) by 6.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 173,221 shares of the company's stock after buying an additional 11,231 shares during the quarter. MGM Resorts International comprises approximately 0.1% of ACR Alpine Capital Research LLC's holdings, making the stock its 22nd biggest position. ACR Alpine Capital Research LLC owned approximately 0.06% of MGM Resorts International worth $5,134,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. TD Waterhouse Canada Inc. boosted its stake in shares of MGM Resorts International by 8.9% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock worth $111,000 after acquiring an additional 261 shares during the period. Amalgamated Bank boosted its stake in shares of MGM Resorts International by 0.8% during the 1st quarter. Amalgamated Bank now owns 43,933 shares of the company's stock worth $1,302,000 after acquiring an additional 329 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of MGM Resorts International by 1.6% during the 1st quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company's stock worth $776,000 after acquiring an additional 410 shares during the period. Golden State Wealth Management LLC boosted its stake in shares of MGM Resorts International by 83.5% during the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after acquiring an additional 455 shares during the period. Finally, Northeast Financial Consultants Inc boosted its stake in shares of MGM Resorts International by 4.7% during the 4th quarter. Northeast Financial Consultants Inc now owns 11,250 shares of the company's stock worth $390,000 after acquiring an additional 500 shares during the period. 68.11% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the company'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 transaction, the director owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. This represents a 1.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Daniel J. Taylor sold 5,261 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders sold a total of 105,261 shares of company stock valued at $3,486,367 in the last 90 days. Corporate insiders own 3.06% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on MGM shares. Macquarie reduced their target price on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Seaport Res Ptn cut MGM Resorts International from a "strong-buy" rating to a "hold" rating in a report on Monday. Barclays lifted their price target on MGM Resorts International from $43.00 to $44.00 and gave the stock an "overweight" rating in a report on Friday, July 18th. Susquehanna lifted their price target on MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a report on Thursday, May 1st. Finally, Citizens Jmp downgraded MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $48.00.

MGM Resorts International Price Performance

NYSE MGM traded down $0.95 during midday trading on Thursday, hitting $37.38. The company had a trading volume of 5,022,500 shares, compared to its average volume of 4,029,879. The company has a market capitalization of $10.17 billion, a PE ratio of 16.69, a P/E/G ratio of 2.48 and a beta of 1.76. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. The firm has a 50-day moving average price of $34.47 and a 200-day moving average price of $33.17. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $43.99.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The firm had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.29 billion. During the same quarter in the previous year, the business posted $0.74 earnings per share. The business's revenue for the quarter was down 2.4% on a year-over-year basis. As a group, analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its Board of Directors has approved a stock buyback plan on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

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.