Russell Investments Group Ltd. Sells 214,062 Shares of MGM Resorts International $MGM

Key Points

• Russell Investments Group Ltd. has reduced its holdings in MGM Resorts International by 52.7%, selling 214,062 shares and now owning 192,272 shares valued at approximately $5.7 million.
• MGM Resorts reported a quarterly EPS of $0.79, exceeding expectations, and revenue of $4.4 billion, indicating a 1.8% year-over-year increase.
• The company's Board of Directors has approved a stock buyback program allowing the repurchase of up to $2 billion of its shares, which typically signifies confidence in the stock's undervaluation.

Russell Investments Group Ltd. lowered its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 52.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 192,272 shares of the company's stock after selling 214,062 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.07% of MGM Resorts International worth $5,701,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Eminence Capital LP purchased a new position in shares of MGM Resorts International in the 4th quarter valued at approximately $72,408,000. Helikon Investments Ltd purchased a new position in shares of MGM Resorts International in the 1st quarter valued at approximately $54,418,000. AQR Capital Management LLC lifted its stake in shares of MGM Resorts International by 12,726.8% in the 4th quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company's stock valued at $44,316,000 after purchasing an additional 1,268,994 shares during the period. Davis Selected Advisers lifted its stake in shares of MGM Resorts International by 4.5% in the 1st quarter. Davis Selected Advisers now owns 20,815,057 shares of the company's stock valued at $616,958,000 after purchasing an additional 894,344 shares during the period. Finally, Nuveen LLC purchased a new position in shares of MGM Resorts International in the 1st quarter valued at approximately $13,618,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

MGM Resorts International Stock Down 1.1%

MGM Resorts International stock opened at $36.30 on Thursday. The firm has a market cap of $9.88 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 1.73 and a beta of 1.81. The stock has a fifty day simple moving average of $36.06 and a two-hundred day simple moving average of $33.59. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $42.53. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping 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%.The company's quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.86 EPS. Equities analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its Board of Directors has approved a stock buyback 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 shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value 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 approximately $180,585,769.02. This trade represents a 1.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.06% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Citizens Jmp cut MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. Morgan Stanley raised their target price on MGM Resorts International from $38.00 to $41.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. The Goldman Sachs Group began coverage on MGM Resorts International in a research note on Monday, July 7th. They issued a "sell" rating and a $34.00 target price for the company. Macquarie lowered their price objective on 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. Finally, Susquehanna lifted their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, MGM Resorts International presently has an average rating of "Moderate Buy" and a consensus target price of $48.72.

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.

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