OVERSEA CHINESE BANKING Corp Ltd Has $4.73 Million Position in MGM Resorts International (NYSE:MGM)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd significantly increased its stake in MGM Resorts International by 518.4%, acquiring 125,408 additional shares in the first quarter, which brings their total ownership to 149,600 shares valued at approximately $4.73 million.
• Several analysts have upgraded their ratings for MGM Resorts, with Citigroup moving its rating to "strong-buy" and raising the target price from $55 to $57, while the company has a consensus rating of "Moderate Buy" with a target price of $48.56.
• MGM Resorts International reported a quarterly revenue of $4.40 billion, surpassing expectations, along with an earnings per share of $0.79, exceeding the consensus estimate by $0.21.

OVERSEA CHINESE BANKING Corp Ltd grew its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 518.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 149,600 shares of the company's stock after acquiring an additional 125,408 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd owned 0.05% of MGM Resorts International worth $4,729,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Eminence Capital LP bought a new position in MGM Resorts International in the fourth quarter valued at approximately $72,408,000. AQR Capital Management LLC increased its position in shares of 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 acquiring an additional 1,268,994 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of MGM Resorts International by 50.9% during the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock worth $112,048,000 after acquiring an additional 1,090,533 shares during the period. Invesco Ltd. lifted its position in MGM Resorts International by 22.5% in the 4th quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock valued at $200,462,000 after acquiring an additional 1,063,707 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in MGM Resorts International in the 4th quarter valued at $20,053,000. Institutional investors and hedge funds own 68.11% of the company's stock.

MGM Resorts International Stock Performance

Shares of MGM stock traded down $0.55 on Tuesday, hitting $34.96. The company's stock had a trading volume of 5,156,923 shares, compared to its average volume of 5,470,008. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $42.53. The company has a market capitalization of $9.52 billion, a PE ratio of 19.21, a PEG ratio of 2.15 and a beta of 1.81. The stock's 50 day moving average is $35.21 and its 200-day moving average is $33.42. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $4.28 billion. During the same period last year, the firm earned $0.86 earnings per share. The business's revenue for the quarter was up 1.8% on a year-over-year basis. Equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its board has authorized a stock repurchase program on Wednesday, April 30th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 22.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction dated 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total transaction of $183,766.73. The disclosure for this sale can be found here. Insiders have sold a total of 105,261 shares of company stock worth $3,486,367 in the last 90 days. Company insiders own 3.06% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JPMorgan Chase & Co. assumed coverage on MGM Resorts International in a research note on Monday, June 23rd. They issued a "neutral" rating and a $38.00 price target on the stock. Susquehanna lifted their price objective on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a "positive" rating in a report on Tuesday, July 29th. Morgan Stanley restated a "sell" rating on shares of MGM Resorts International in a report on Friday, July 11th. Stifel Nicolaus lifted their price target on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. 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, MGM Resorts International currently has an average rating of "Moderate Buy" and an average price target of $48.56.

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.