GAMMA Investing LLC Raises Stock Position in MGM Resorts International (NYSE:MGM)

GAMMA Investing LLC raised its stake in MGM Resorts International (NYSE:MGM) by 3,177.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 191,978 shares of the company’s stock after buying an additional 186,120 shares during the period. GAMMA Investing LLC owned approximately 0.07% of MGM Resorts International worth $5,690,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. ArrowMark Colorado Holdings LLC increased its holdings in MGM Resorts International by 42.8% in 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. Charles Schwab Investment Management Inc. increased its holdings in MGM Resorts International by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock valued at $79,110,000 after buying an additional 38,749 shares in the last quarter. Korea Investment CORP increased its holdings in MGM Resorts International by 964.3% in the fourth quarter. Korea Investment CORP now owns 145,287 shares of the company’s stock valued at $5,034,000 after buying an additional 131,636 shares in the last quarter. ACR Alpine Capital Research LLC grew its position in shares of 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 increased its stake in shares of 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 purchasing an additional 882,417 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGM Resorts International

In other news, COO Corey Ian Sanders sold 40,000 shares of the firm’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the transaction, the chief operating officer now owns 281,530 shares of the company’s stock, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Daniel J. Taylor sold 5,261 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total transaction of $183,766.73. The disclosure for this sale can be found here. 3.06% of the stock is owned by company insiders.

MGM Resorts International Stock Up 1.9%

Shares of MGM opened at $32.45 on Tuesday. The firm has a market cap of $8.83 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 0.98 and a beta of 1.76. The company’s fifty day moving average is $31.01 and its two-hundred day moving average is $33.15. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. 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 (NYSE:MGM) 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. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. MGM Resorts International’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the business earned $0.74 EPS. Analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its Board of Directors has approved a share buyback plan 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MGM. Wedbush reissued an “outperform” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Wall Street Zen raised shares of MGM Resorts International from a “sell” rating to a “hold” rating in a research note on Thursday, May 22nd. Needham & Company LLC reissued a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Stifel Nicolaus dropped their price objective on shares of MGM Resorts International from $50.00 to $44.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Finally, Citigroup raised their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and an average price target of $48.94.

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.