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

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Amalgamated Bank grew its holdings in MGM Resorts International by 0.8% during the first quarter. Amalgamated Bank now owns 43,933 shares of the company's stock valued at $1,302,000 after purchasing an additional 329 shares during the last quarter. Quarry LP grew its stake in shares of MGM Resorts International by 24.1% in the first quarter. Quarry LP now owns 1,795 shares of the company's stock worth $53,000 after acquiring an additional 349 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of MGM Resorts International by 1.6% in the first quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company's stock worth $776,000 after acquiring an additional 410 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of MGM Resorts International by 12.1% in the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company's stock worth $115,000 after acquiring an additional 421 shares during the last quarter. Finally, Golden State Wealth Management LLC grew 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 acquiring an additional 455 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.

MGM Resorts International Trading Up 0.3%

NYSE:MGM traded up $0.12 on Wednesday, hitting $35.48. 809,595 shares of the stock were exchanged, compared to its average volume of 5,214,207. The stock has a market capitalization of $9.66 billion, a price-to-earnings ratio of 19.51, a P/E/G ratio of 1.51 and a beta of 1.69. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. The company's 50-day moving average price is $36.99 and its 200 day moving average price is $33.73.

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

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the transaction, the insider owned 31,521 shares of the company's stock, valued at approximately $1,138,538.52. The trade was a 65.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction that occurred on 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 directly owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. The trade was a 4.30% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Citigroup upgraded shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and raised their price objective for the stock from $55.00 to $57.00 in a research note on Wednesday, July 9th. Mizuho lowered 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 research note on Thursday, July 31st. Citizens Jmp downgraded shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Morgan Stanley lifted their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday, September 11th. One investment 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 company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $48.67.

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.