Plato Investment Management Ltd Purchases Shares of 20,845 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 purchased a new stake in MGM Resorts International (NYSE:MGM - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund purchased 20,845 shares of the company's stock, valued at approximately $625,000.

Several other institutional investors also recently bought and sold shares of the business. Bayforest Capital Ltd acquired a new position in MGM Resorts International in the 1st quarter valued at $43,000. SCS Capital Management LLC acquired a new position in MGM Resorts International in the 1st quarter valued at $325,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of MGM Resorts International by 0.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,985,513 shares of the company's stock worth $58,851,000 after buying an additional 5,407 shares during the last quarter. Woodline Partners LP increased its holdings in shares of MGM Resorts International by 39.1% during the 1st quarter. Woodline Partners LP now owns 18,901 shares of the company's stock worth $560,000 after buying an additional 5,312 shares during the last quarter. Finally, MBB Public Markets I LLC acquired a new stake in shares of MGM Resorts International during the 1st quarter worth $277,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Down 1.6%

Shares of NYSE MGM opened at $35.36 on Friday. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $42.53. The company has a market cap of $9.62 billion, a P/E ratio of 19.43, a P/E/G ratio of 1.52 and a beta of 1.69. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The stock has a fifty day moving average price of $37.12 and a 200 day moving average price of $33.74.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The firm's revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.86 EPS. Research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MGM. Seaport Res Ptn downgraded MGM Resorts International from a "strong-buy" rating to a "hold" rating in a report on Monday, July 21st. Citigroup upgraded MGM Resorts International from a "hold" rating to a "strong-buy" rating and upped their price objective for the stock from $55.00 to $57.00 in a report on Wednesday, July 9th. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Barclays increased their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Finally, JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $48.67.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were 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 represents a 4.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.06% of the stock is currently owned by insiders.

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.

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