Westend Capital Management LLC Buys Shares of 182,286 MGM Resorts International (NYSE:MGM)

Westend Capital Management LLC acquired a new position in shares of MGM Resorts International (NYSE:MGM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 182,286 shares of the company's stock, valued at approximately $5,403,000. MGM Resorts International makes up 2.1% of Westend Capital Management LLC's investment portfolio, making the stock its 21st largest holding. Westend Capital Management LLC owned 0.06% of MGM Resorts International at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Assetmark Inc. raised its stake in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after purchasing an additional 411 shares in the last quarter. Mascagni Wealth Management Inc. bought a new stake in shares of MGM Resorts International during the 4th quarter worth approximately $28,000. Golden State Wealth Management LLC increased its holdings in shares of MGM Resorts International by 83.5% during the 1st 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. True Wealth Design LLC acquired a new position in shares of MGM Resorts International during the 4th quarter worth approximately $33,000. Finally, CX Institutional acquired a new position in shares of MGM Resorts International during the 1st quarter worth approximately $36,000. Institutional investors own 68.11% of the company's stock.

MGM Resorts International Price Performance

Shares of NYSE:MGM traded up $0.56 during trading on Friday, reaching $34.35. 4,993,120 shares of the company traded hands, compared to its average volume of 4,920,349. The company's 50 day moving average is $32.50 and its two-hundred day moving average is $32.82. The firm has a market capitalization of $9.35 billion, a PE ratio of 15.34, a PEG ratio of 2.37 and a beta of 1.76. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.19. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The company's revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.74 EPS. As a group, sell-side analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

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

Analyst Ratings Changes

A number of research firms recently weighed in on MGM. JPMorgan Chase & Co. began coverage on MGM Resorts International in a report on Monday, June 23rd. They set a "neutral" rating and a $38.00 target price on the stock. Citigroup lowered MGM Resorts International from a "strong-buy" rating to a "hold" rating in a report on Thursday. Macquarie decreased their target price on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Susquehanna boosted their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a report on Thursday, May 1st. Finally, Stifel Nicolaus decreased their price objective on MGM Resorts International from $50.00 to $44.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, MGM Resorts International presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.29.

Insider Buying and Selling

In related news, COO Corey Ian Sanders sold 40,000 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the sale, the chief operating officer now directly owns 281,530 shares in the company, valued at $9,693,077.90. This represents a 12.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders sold a total of 105,261 shares of company stock worth $3,486,367 in the last ninety days. 3.06% of the stock is owned by insiders.

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.