RMR Capital Management LLC Invests $258,000 in MGM Resorts International $MGM

Key Points

• RMR Capital Management LLC has acquired a new position in MGM Resorts International, purchasing 8,700 shares valued at approximately $258,000 during the first quarter.
• MGM Resorts International reported earnings of $0.79 EPS for the last quarter, exceeding analysts' expectations of $0.58 and showing year-over-year revenue growth of 1.8%.
• The company's Board of Directors has authorized a share buyback program allowing for the repurchase of up to $2.00 billion in shares, indicating confidence in the stock's value.

RMR Capital Management LLC acquired a new position in MGM Resorts International (NYSE:MGM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,700 shares of the company's stock, valued at approximately $258,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Brandywine Global Investment Management LLC boosted its position in MGM Resorts International by 22.8% during the 1st quarter. Brandywine Global Investment Management LLC now owns 571,049 shares of the company's stock worth $16,926,000 after purchasing an additional 105,891 shares during the period. Aberdeen Group plc lifted its stake in shares of MGM Resorts International by 118.7% during the first quarter. Aberdeen Group plc now owns 158,412 shares of the company's stock worth $4,703,000 after purchasing an additional 85,973 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of MGM Resorts International in the first quarter worth about $926,000. Kovitz Investment Group Partners LLC grew its stake in shares of MGM Resorts International by 9.9% in the first quarter. Kovitz Investment Group Partners LLC now owns 260,913 shares of the company's stock valued at $7,733,000 after buying an additional 23,428 shares in the last quarter. Finally, Ground Swell Capital LLC purchased a new stake in shares of MGM Resorts International during the 1st quarter valued at about $248,000. Institutional investors and hedge funds own 68.11% of the company's stock.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction on 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 in the company, valued at $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MGM shares. Susquehanna upped their price target on MGM Resorts International from $50.00 to $60.00 and gave the stock a "positive" rating in a report on Tuesday, July 29th. Macquarie decreased their target price on shares of 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. Morgan Stanley raised their price target on shares of MGM Resorts International from $38.00 to $41.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Mizuho cut their price objective on shares of MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Finally, Seaport Res Ptn downgraded MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 21st. One 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. According to MarketBeat, MGM Resorts International has an average rating of "Moderate Buy" and an average price target of $48.72.

MGM Resorts International Stock Down 1.1%

Shares of MGM Resorts International stock traded down $0.41 during trading on Wednesday, reaching $36.30. The company had a trading volume of 2,347,585 shares, compared to its average volume of 5,336,170. 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 has a fifty-two week low of $25.30 and a fifty-two week high of $42.53. The firm's fifty day moving average is $35.99 and its 200-day moving average is $33.57. The company has a market cap of $9.88 billion, a price-to-earnings ratio of 19.95, a price-to-earnings-growth ratio of 1.71 and a beta of 1.81.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same period in the previous year, the company earned $0.86 earnings per share. MGM Resorts International's quarterly revenue was up 1.8% on a year-over-year basis. On average, analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

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

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.