Raymond James Financial Inc. lifted its position in shares of MGM Resorts International (NYSE:MGM – Free Report) by 26.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 734,445 shares of the company’s stock after acquiring an additional 155,709 shares during the period. Raymond James Financial Inc. owned about 0.27% of MGM Resorts International worth $21,769,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Davis Selected Advisers raised its position in shares of MGM Resorts International by 4.5% during the 1st quarter. Davis Selected Advisers now owns 20,815,057 shares of the company’s stock valued at $616,958,000 after acquiring an additional 894,344 shares in the last quarter. Invesco Ltd. raised its position in shares of MGM Resorts International by 7.7% during the 1st quarter. Invesco Ltd. now owns 6,233,213 shares of the company’s stock valued at $184,752,000 after acquiring an additional 447,870 shares in the last quarter. Southeastern Asset Management Inc. TN raised its position in shares of MGM Resorts International by 9.6% during the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company’s stock valued at $83,477,000 after acquiring an additional 211,245 shares in the last quarter. Northern Trust Corp raised its position in shares of MGM Resorts International by 15.1% during the 4th quarter. Northern Trust Corp now owns 2,315,748 shares of the company’s stock valued at $80,241,000 after acquiring an additional 303,711 shares in the last quarter. Finally, Eminence Capital LP acquired a new stake in shares of MGM Resorts International during the 4th quarter valued at approximately $72,408,000. 68.11% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, Director Keith A. Meister sold 60,000 shares of the firm’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the transaction, the director owned 5,627,478 shares of the company’s stock, valued at $180,585,769.02. This trade represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 3.06% of the company’s stock.
Analysts Set New Price Targets
MGM Resorts International Trading Up 1.0%
NYSE:MGM opened at $38.49 on Wednesday. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $42.53. The stock has a market cap of $10.48 billion, a price-to-earnings ratio of 21.15, a PEG ratio of 1.80 and a beta of 1.81. The business has a fifty day moving average of $36.42 and a 200-day moving average of $33.67. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22.
MGM Resorts International (NYSE:MGM – Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.28 billion. During the same quarter in the prior year, the business posted $0.86 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. Equities analysts predict 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 authorized a stock buyback plan 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 plans are typically a sign that the company’s leadership believes its stock is 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.
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