Susquehanna Portfolio Strategies LLC Cuts Stake in MGM Resorts International (NYSE:MGM)

Susquehanna Portfolio Strategies LLC cut its holdings in MGM Resorts International (NYSE:MGM) by 0.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 142,768 shares of the company’s stock after selling 808 shares during the quarter. Susquehanna Portfolio Strategies LLC’s holdings in MGM Resorts International were worth $6,345,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MGM. Capital World Investors boosted its stake in MGM Resorts International by 17.7% during the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock worth $292,713,000 after buying an additional 984,617 shares during the period. Goldentree Asset Management LP purchased a new position in MGM Resorts International during the first quarter worth $35,726,000. Marshall Wace LLP boosted its stake in MGM Resorts International by 174.8% during the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after buying an additional 706,159 shares during the period. Boston Partners boosted its stake in MGM Resorts International by 12.6% during the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after buying an additional 684,676 shares during the period. Finally, LSV Asset Management purchased a new position in MGM Resorts International during the second quarter worth $21,149,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $39.62 on Friday. The stock has a market capitalization of $12.43 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 0.68 and a beta of 2.22. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The firm’s 50 day simple moving average is $38.11 and its 200-day simple moving average is $41.06. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter last year, the firm posted $0.59 EPS. The business’s revenue was up 9.8% on a year-over-year basis. Analysts expect that MGM Resorts International will post 2.63 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on MGM. UBS Group raised shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Susquehanna lifted their target price on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, August 1st. Morgan Stanley decreased their target price on MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 4th. Wells Fargo & Company decreased their target price on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Finally, BTIG Research began coverage on MGM Resorts International in a report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price objective for the company. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.93.

Insider Activity

In other news, CEO William Hornbuckle acquired 58,900 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were bought at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the acquisition, the chief executive officer now owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Paul J. Salem purchased 147,500 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the acquisition, the director now directly owns 1,702,500 shares in the company, valued at $57,544,500. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO William Hornbuckle purchased 58,900 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The shares were bought at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the acquisition, the chief executive officer now owns 377,112 shares in the company, valued at $12,719,987.76. The disclosure for this purchase can be found here. Insiders have acquired 216,400 shares of company stock worth $7,312,197 in the last quarter. Corporate insiders own 2.13% of the company’s stock.

MGM Resorts International Company 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.