Corvex Management LP decreased its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 0.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,687,478 shares of the company's stock after selling 51,000 shares during the quarter. MGM Resorts International accounts for approximately 5.5% of Corvex Management LP's holdings, making the stock its 6th largest position. Corvex Management LP owned approximately 1.91% of MGM Resorts International worth $197,071,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the business. Cetera Investment Advisers lifted its position in MGM Resorts International by 34.2% in the fourth quarter. Cetera Investment Advisers now owns 110,956 shares of the company's stock worth $3,845,000 after purchasing an additional 28,268 shares during the period. Centiva Capital LP raised its stake in shares of MGM Resorts International by 199.9% in the 4th quarter. Centiva Capital LP now owns 68,410 shares of the company's stock worth $2,370,000 after buying an additional 45,598 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of MGM Resorts International by 84.8% in the fourth quarter. Captrust Financial Advisors now owns 14,295 shares of the company's stock valued at $495,000 after buying an additional 6,559 shares during the period. ArrowMark Colorado Holdings LLC boosted its stake in MGM Resorts International by 42.8% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock valued at $32,473,000 after buying an additional 280,700 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in MGM Resorts International by 12,726.8% during the fourth quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company's stock worth $44,316,000 after acquiring an additional 1,268,994 shares during the period. 68.11% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, CFO Jonathan S. Halkyard bought 10,000 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the transaction, the chief financial officer now directly owns 75,648 shares of the company's stock, valued at $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the transaction, the chief accounting officer now owns 18,301 shares of the company's stock, valued at $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is owned by company insiders.
MGM Resorts International Stock Performance
Shares of MGM traded up $0.37 during trading hours on Friday, reaching $32.58. 2,847,867 shares of the company traded hands, compared to its average volume of 4,716,075. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The stock's fifty day moving average is $30.60 and its 200 day moving average is $33.99. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The stock has a market cap of $8.87 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78.
MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating the consensus estimate 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 analysts' expectations of $4.29 billion. During the same quarter in the prior year, the firm posted $0.74 EPS. The company's revenue for the quarter was down 2.4% on a year-over-year basis. Equities research 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 program on Wednesday, April 30th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its stock is undervalued.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on MGM shares. Capital One Financial raised their price objective on MGM Resorts International from $52.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Needham & Company LLC reiterated a "buy" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Morgan Stanley dropped their price objective on MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Argus raised shares of MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research report on Friday, February 14th. Finally, Leerink Partners downgraded shares of MGM Resorts International to a "market perform" rating in a report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, MGM Resorts International has an average rating of "Moderate Buy" and a consensus price target of $48.94.
Get Our Latest Analysis on MGM
MGM Resorts International Profile
(
Free Report)
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.
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