SCS Capital Management LLC Takes Position in MGM Resorts International $MGM

Key Points

• SCS Capital Management LLC has acquired a new stake in MGM Resorts International, purchasing 10,952 shares worth approximately $325,000 in the first quarter.
• Several institutional investors showed interest in MGM, with Helikon Investments Ltd buying a significant position valued at $54.4 million, and AQR Capital Management increasing its holdings by 104.2%.
• Recent analyst ratings show a consensus of Moderate Buy for MGM shares, with an average target price of $48.67 despite one sell rating issued by Goldman Sachs.

SCS Capital Management LLC bought a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 10,952 shares of the company's stock, valued at approximately $325,000.

Several other institutional investors also recently bought and sold shares of MGM. Helikon Investments Ltd purchased a new position in MGM Resorts International during the first quarter valued at $54,418,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of MGM Resorts International in the 1st quarter worth $47,631,000. AQR Capital Management LLC lifted its holdings in shares of MGM Resorts International by 104.2% in the 1st quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company's stock worth $75,962,000 after acquiring an additional 1,332,313 shares during the last quarter. GMT Capital Corp bought a new stake in shares of MGM Resorts International in the 1st quarter worth about $36,656,000. Finally, Davis Selected Advisers lifted its holdings 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 worth $616,958,000 after acquiring an additional 894,344 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MGM shares. The Goldman Sachs Group began coverage on shares of MGM Resorts International in a report on Monday, July 7th. They set a "sell" rating and a $34.00 price objective for the company. Seaport Res Ptn lowered shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 21st. Barclays boosted their price objective 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. Truist Financial boosted their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Finally, Citizens Jmp downgraded shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus 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 stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction 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 $190,753,630.76. This trade represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Stock Performance

NYSE:MGM opened at $35.36 on Friday. The company has a fifty day moving average of $37.12 and a two-hundred day moving average of $33.74. The stock has a market capitalization of $9.62 billion, a PE ratio of 19.43, a P/E/G ratio of 1.52 and a beta of 1.69. 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.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its 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. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.28 billion. During the same period in the prior year, the business earned $0.86 earnings per share. The company's quarterly revenue was up 1.8% compared to the same quarter last year. As a group, research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International Company 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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