Southeastern Asset Management Inc. TN lifted its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 9.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,409,147 shares of the company's stock after purchasing an additional 211,245 shares during the period. MGM Resorts International accounts for about 3.9% of Southeastern Asset Management Inc. TN's portfolio, making the stock its 11th largest holding. Southeastern Asset Management Inc. TN owned approximately 0.81% of MGM Resorts International worth $83,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in MGM. 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 worth $32,473,000 after buying an additional 280,700 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of MGM Resorts International by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company's stock worth $79,110,000 after purchasing an additional 38,749 shares during the last quarter. Korea Investment CORP boosted its position in shares of MGM Resorts International by 964.3% during the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company's stock worth $5,034,000 after acquiring an additional 131,636 shares in the last quarter. ACR Alpine Capital Research LLC increased its stake in MGM Resorts International by 23.3% in the fourth quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company's stock valued at $5,613,000 after purchasing an additional 30,605 shares during the last quarter. Finally, Davis Selected Advisers raised its stake in MGM Resorts International by 4.6% during the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after acquiring an additional 882,417 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on MGM shares. Canaccord Genuity Group reiterated a "buy" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. JMP Securities cut their price objective on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a research report on Thursday, April 17th. Susquehanna boosted their price target on MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research note on Thursday, May 1st. Barclays raised their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Finally, Argus raised MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price target for the company in a report on Friday, February 14th. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, MGM Resorts International currently has a consensus rating of "Moderate Buy" and an average target price of $48.94.
Check Out Our Latest Research Report on MGM
Insider Activity
In other news, CFO Jonathan S. Halkyard acquired 10,000 shares of the stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $32.17 per share, with a total value 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. The trade was a 15.23% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the sale, the chief operating officer now owns 281,530 shares in the company, valued at $9,693,077.90. This represents a 12.44% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,261 shares of company stock valued at $1,788,007. Company insiders own 3.06% of the company's stock.
MGM Resorts International Trading Down 1.3%
Shares of NYSE MGM traded down $0.43 during midday trading on Friday, hitting $33.96. The stock had a trading volume of 4,680,480 shares, compared to its average volume of 4,754,259. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The company has a market capitalization of $9.24 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 0.98 and a beta of 1.78. The company has a fifty day moving average price of $30.87 and a 200 day moving average price of $33.74.
MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly 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. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The firm had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.29 billion. During the same period in the previous year, the company posted $0.74 earnings per share. MGM Resorts International's revenue was down 2.4% compared to the same quarter last year. On average, 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 buyback program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 22.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.
MGM Resorts International Profile
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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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