International Assets Investment Management LLC Buys New Position in MGM Resorts International (NYSE:MGM)

International Assets Investment Management LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 623 shares of the company’s stock, valued at approximately $28,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of MGM Resorts International during the fourth quarter worth $139,599,000. Boston Partners grew its holdings in MGM Resorts International by 36.3% during the 4th quarter. Boston Partners now owns 5,427,254 shares of the company’s stock worth $242,002,000 after acquiring an additional 1,446,362 shares during the period. Capital World Investors raised its position in shares of MGM Resorts International by 17.7% in the 4th quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock worth $292,713,000 after acquiring an additional 984,617 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of MGM Resorts International by 112.1% in the 4th quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock valued at $67,466,000 after purchasing an additional 795,920 shares during the period. Finally, Goldentree Asset Management LP bought a new stake in shares of MGM Resorts International during the 1st quarter valued at about $35,726,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the topic of several recent analyst reports. JMP Securities dropped their price target on MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating on the stock in a research note on Thursday, August 1st. BTIG Research initiated coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 target price on the stock. Macquarie reduced their price target on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Finally, StockNews.com cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.93.

MGM Resorts International Stock Down 2.2 %

MGM Resorts International stock opened at $35.01 on Friday. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47. The firm’s 50-day simple moving average is $40.41 and its 200 day simple moving average is $41.64. The stock has a market cap of $10.98 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 0.66 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. The firm had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The company’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.59 EPS. Research analysts predict that MGM Resorts International will post 2.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Paul J. Salem bought 147,500 shares of the stock in a transaction dated Monday, August 5th. The shares were bought at an average cost of $33.80 per share, for a total transaction of $4,985,500.00. Following the purchase, the director now directly owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Paul J. Salem bought 147,500 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The stock was purchased at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the transaction, the director now directly owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO William Hornbuckle purchased 58,900 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were bought at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the purchase, 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. Over the last quarter, insiders have acquired 216,400 shares of company stock valued at $7,312,197. 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.