Readystate Asset Management LP Boosts Holdings in MGM Resorts International (NYSE:MGM)

Readystate Asset Management LP lifted its stake in MGM Resorts International (NYSE:MGM - Free Report) by 274.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,259 shares of the company's stock after purchasing an additional 37,565 shares during the quarter. Readystate Asset Management LP's holdings in MGM Resorts International were worth $1,519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Mascagni Wealth Management Inc. bought a new position in shares of MGM Resorts International in the fourth quarter worth approximately $28,000. True Wealth Design LLC bought a new position in shares of MGM Resorts International in the fourth quarter worth approximately $33,000. Golden State Wealth Management LLC lifted its stake in shares of MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after buying an additional 455 shares in the last quarter. CX Institutional bought a new position in shares of MGM Resorts International in the first quarter worth approximately $36,000. Finally, Quarry LP lifted its stake in shares of MGM Resorts International by 750.6% in the fourth quarter. Quarry LP now owns 1,446 shares of the company's stock worth $50,000 after buying an additional 1,276 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

MGM Resorts International Stock Performance

Shares of NYSE MGM traded up $1.08 during trading on Friday, hitting $38.44. The company had a trading volume of 4,078,614 shares, compared to its average volume of 4,064,193. The stock has a 50 day simple moving average of $34.62 and a 200 day simple moving average of $33.24. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $43.99. The firm has a market capitalization of $10.46 billion, a P/E ratio of 17.16, a price-to-earnings-growth ratio of 2.48 and a beta of 1.76.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $4.29 billion. During the same quarter last year, the company earned $0.74 earnings per share. The business's revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its board has approved a share buyback program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 22.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Insider Transactions at MGM Resorts International

In other news, Director Daniel J. Taylor sold 5,261 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the transaction, the chief operating officer directly owned 281,530 shares in the company, valued at $9,693,077.90. This trade represents a 12.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock valued at $3,486,367 over the last quarter. 3.06% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MGM shares. The Goldman Sachs Group started coverage on shares of MGM Resorts International in a research note on Monday, July 7th. They issued a "sell" rating and a $34.00 target price on the stock. 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. UBS Group raised their price target on shares of MGM Resorts International from $37.00 to $42.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. JMP Securities reaffirmed a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. Finally, Seaport Res Ptn downgraded shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a report on Monday, July 21st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $48.00.

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.