Graham Capital Management L.P. Lowers Stock Holdings in MGM Resorts International (NYSE:MGM)

Graham Capital Management L.P. lessened its stake in MGM Resorts International (NYSE:MGM - Free Report) by 9.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,448 shares of the company's stock after selling 8,220 shares during the period. Graham Capital Management L.P.'s holdings in MGM Resorts International were worth $2,718,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Assetmark Inc. boosted its position in MGM Resorts International by 104.1% in 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. Global Trust Asset Management LLC acquired a new position in shares of MGM Resorts International during the 4th quarter worth approximately $28,000. Global Retirement Partners LLC raised its stake in shares of MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock worth $43,000 after buying an additional 404 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of MGM Resorts International during the 3rd quarter worth approximately $55,000. Finally, Quarry LP raised its stake in shares of MGM Resorts International by 750.6% during the 4th quarter. Quarry LP now owns 1,446 shares of the company's stock worth $50,000 after buying an additional 1,276 shares during the period. Hedge funds and other institutional investors own 68.11% of the company's stock.

Analyst Upgrades and Downgrades

MGM has been the subject of several research analyst reports. Leerink Partners downgraded MGM Resorts International to a "market perform" rating in a research note on Thursday, February 13th. Canaccord Genuity Group reissued a "buy" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Susquehanna increased their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a research note on Thursday, May 1st. Macquarie reduced 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, Mizuho increased their price objective on MGM Resorts International from $56.00 to $60.00 and gave the company an "outperform" rating in a research note on Thursday, February 13th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.94.

Insider Buying and Selling at MGM Resorts International

In other news, CAO Todd Meinert sold 6,000 shares of the firm's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now owns 18,301 shares of the company's stock, valued at approximately $692,509.84. This trade represents a 24.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, May 13th. The stock was 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. 3.06% of the stock is owned by corporate insiders.

MGM Resorts International Trading Up 0.1%

MGM Resorts International stock traded up $0.04 during midday trading on Wednesday, reaching $34.94. 5,452,089 shares of the stock traded hands, compared to its average volume of 4,734,971. The company has a 50-day simple moving average of $30.76 and a two-hundred day simple moving average of $33.92. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $47.26. The firm has a market cap of $9.51 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The company had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.29 billion. During the same period last year, the business posted $0.74 EPS. MGM Resorts International's revenue for the quarter was down 2.4% on a year-over-year basis. Research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has approved a stock repurchase program on Wednesday, April 30th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 22.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

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.