Plato Investment Management Ltd Invests $625,000 in MGM Resorts International $MGM

Key Points

• Plato Investment Management Ltd has acquired 20,845 shares of MGM Resorts International valued at approximately $625,000, reflecting growing interest from institutional investors.
• MGM Resorts reported earnings per share of $0.79 for the last quarter, exceeding analyst expectations of $0.58, with revenues of $4.40 billion.
• Despite a recent 1.6% drop in stock price, analysts maintain a "Moderate Buy" rating for MGM, with an average price target of $48.67.

Plato Investment Management Ltd acquired a new position in MGM Resorts International (NYSE:MGM - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 20,845 shares of the company's stock, valued at approximately $625,000.

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

Insider Buying and Selling

In other news, Director Keith A. Meister sold 242,000 shares of the stock in a transaction that occurred 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 owned 5,385,478 shares of the company's stock, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Mcmanus sold 60,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the transaction, 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

A number of research firms have recently issued reports on MGM. Morgan Stanley upped their price objective on MGM Resorts International from $41.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, September 11th. Stifel Nicolaus boosted their target price on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Susquehanna boosted their target price on MGM Resorts International from $50.00 to $60.00 and gave the company a "positive" rating in a research note on Tuesday, July 29th. UBS Group lowered their target price on MGM Resorts International from $44.00 to $39.00 and set a "neutral" rating for the company in a research note on Thursday, September 11th. Finally, Citigroup raised MGM Resorts International from a "hold" rating to a "strong-buy" rating and boosted their target price for the company from $55.00 to $57.00 in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned 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 an average rating of "Moderate Buy" and a consensus price target of $48.67.

MGM Resorts International Trading Up 0.3%

MGM traded up $0.12 during midday trading on Wednesday, reaching $35.48. 809,595 shares of the company's stock traded hands, compared to its average volume of 5,214,207. The firm has a fifty day moving average of $36.99 and a two-hundred day moving average of $33.73. The stock has a market capitalization of $9.66 billion, a price-to-earnings ratio of 19.51, a P/E/G ratio of 1.51 and a beta of 1.69. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 EPS 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 quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.86 EPS. On average, equities analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

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.