ArrowMark Colorado Holdings LLC Has $32.47 Million Position in MGM Resorts International (NYSE:MGM)

ArrowMark Colorado Holdings LLC raised its position in MGM Resorts International (NYSE:MGM - Free Report) by 42.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 937,175 shares of the company's stock after acquiring an additional 280,700 shares during the period. ArrowMark Colorado Holdings LLC owned approximately 0.31% of MGM Resorts International worth $32,473,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its holdings in shares of MGM Resorts International by 12,726.8% in the 4th quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company's stock valued at $44,316,000 after buying an additional 1,268,994 shares during the period. Northern Trust Corp raised its position in MGM Resorts International by 15.1% during the fourth quarter. Northern Trust Corp now owns 2,315,748 shares of the company's stock worth $80,241,000 after acquiring an additional 303,711 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of MGM Resorts International by 2.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 185,011 shares of the company's stock worth $6,411,000 after purchasing an additional 4,541 shares during the last quarter. Quarry LP lifted its stake in MGM Resorts International by 750.6% in the 4th quarter. Quarry LP now owns 1,446 shares of the company's stock valued at $50,000 after buying an additional 1,276 shares in the last quarter. Finally, Aquatic Capital Management LLC boosted its stake in shares of MGM Resorts International by 38.5% during the fourth quarter. Aquatic Capital Management LLC now owns 229,058 shares of the company's stock valued at $7,937,000 after acquiring an additional 63,658 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

Insider Buying and Selling

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the transaction, the chief accounting officer now directly owns 18,301 shares in the company, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the transaction, the chief financial officer now directly owns 75,648 shares of the company's stock, valued at $2,433,596.16. This trade represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. 3.06% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on MGM. Susquehanna Bancshares increased their price target on MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Argus raised shares of MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a research note on Friday, February 14th. Canaccord Genuity Group reissued a "buy" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Needham & Company LLC reiterated a "buy" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Barclays upped their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, MGM Resorts International has an average rating of "Moderate Buy" and a consensus target price of $48.94.

MGM Resorts International Stock Performance

Shares of NYSE MGM traded up $0.55 during midday trading on Thursday, reaching $32.29. 3,502,008 shares of the company traded hands, compared to its average volume of 5,739,411. The stock has a 50-day moving average price of $30.62 and a 200 day moving average price of $34.14. The company has a market cap of $8.79 billion, a price-to-earnings ratio of 13.45, a PEG ratio of 0.98 and a beta of 1.78. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. 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, topping 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 firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the prior year, the firm posted $0.74 earnings per share. The firm's revenue for the quarter was down 2.4% compared to the same quarter last year. Sell-side analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its board has authorized a stock buyback plan on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 22.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its shares are undervalued.

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.