MGM Resorts International $MGM Shares Acquired by UniSuper Management Pty Ltd

Key Points

• UniSuper Management Pty Ltd increased its stake in MGM Resorts International by 14.8%, acquiring an additional 7,215 shares during the first quarter, bringing its total holdings to 55,911 shares valued at approximately $1.66 million.
• MGM Resorts reported a quarterly earnings per share (EPS) of $0.79, exceeding analyst expectations of $0.58, alongside a revenue of $4.40 billion, which also surpassed estimates.
• Institutional investors now hold approximately 68.11% of MGM's stock, indicating strong institutional interest and confidence in the company's performance.

UniSuper Management Pty Ltd boosted its stake in MGM Resorts International (NYSE:MGM - Free Report) by 14.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,911 shares of the company's stock after acquiring an additional 7,215 shares during the period. UniSuper Management Pty Ltd's holdings in MGM Resorts International were worth $1,657,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mascagni Wealth Management Inc. purchased a new stake in MGM Resorts International in the fourth quarter valued at $28,000. Golden State Wealth Management LLC lifted its position in 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 valued at $30,000 after acquiring an additional 455 shares during the last quarter. CX Institutional purchased a new stake in MGM Resorts International in the first quarter valued at $36,000. Bayforest Capital Ltd purchased a new stake in MGM Resorts International in the first quarter valued at $43,000. Finally, UMB Bank n.a. lifted its position in MGM Resorts International by 91.0% in the first quarter. UMB Bank n.a. now owns 1,616 shares of the company's stock valued at $48,000 after acquiring an additional 770 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MGM shares. Citigroup raised shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and boosted their price target for the company from $55.00 to $57.00 in a research report on Wednesday, July 9th. The Goldman Sachs Group initiated coverage on shares of MGM Resorts International in a report on Monday, July 7th. They issued a "sell" rating and a $34.00 target price for the company. Morgan Stanley upped their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, September 11th. Barclays upped their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Finally, UBS Group reduced their target price on shares of MGM Resorts International from $44.00 to $39.00 and set a "neutral" rating for the company in a report on Thursday, September 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.67.

Insider Activity

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the transaction, the insider directly owned 31,521 shares in the company, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Keith A. Meister sold 242,000 shares of the company's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the transaction, the director owned 5,385,478 shares in the company, valued at $190,753,630.76. The trade was a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company's stock.

MGM Resorts International Stock Performance

NYSE MGM traded down $0.29 during trading hours on Tuesday, hitting $35.35. 4,264,035 shares of the stock were exchanged, compared to its average volume of 4,037,589. The company has a market cap of $9.62 billion, a price-to-earnings ratio of 19.42, a price-to-earnings-growth ratio of 1.51 and a beta of 1.69. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $42.53. The stock has a 50-day moving average of $36.99 and a 200 day moving average of $33.73. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same period in the prior year, the business posted $0.86 earnings per share. The firm's revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current 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.