Quarry LP Increases Holdings in MGM Resorts International (NYSE:MGM)

Quarry LP boosted its position in MGM Resorts International (NYSE:MGM) by 750.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,446 shares of the company’s stock after buying an additional 1,276 shares during the period. Quarry LP’s holdings in MGM Resorts International were worth $50,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of MGM. Aquatic Capital Management LLC increased its stake in shares of MGM Resorts International by 38.5% in the fourth quarter. Aquatic Capital Management LLC now owns 229,058 shares of the company’s stock worth $7,937,000 after acquiring an additional 63,658 shares during the period. Oxford Asset Management LLP grew its position in MGM Resorts International by 105.3% during the 4th quarter. Oxford Asset Management LLP now owns 15,284 shares of the company’s stock worth $530,000 after purchasing an additional 7,839 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in shares of MGM Resorts International during the 4th quarter valued at about $12,504,000. Orvieto Partners L.P. acquired a new position in shares of MGM Resorts International in the 4th quarter valued at about $2,869,000. Finally, Stifel Financial Corp boosted its stake in shares of MGM Resorts International by 12.1% in the fourth quarter. Stifel Financial Corp now owns 190,438 shares of the company’s stock worth $6,599,000 after buying an additional 20,609 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased 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 owns 75,648 shares of the company’s stock, valued at $2,433,596.16. The trade was a 15.23 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.06% of the company’s stock.

MGM Resorts International Stock Up 3.6 %

MGM stock opened at $31.96 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The firm has a 50-day moving average of $30.81 and a two-hundred day moving average of $34.33. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $47.26. The company has a market cap of $9.04 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 0.98 and a beta of 1.96.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the prior year, the business earned $0.74 earnings per share. The business’s revenue was down 2.4% compared to the same quarter last year. As a group, analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its board has initiated a stock repurchase program on Wednesday, April 30th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to buy up to 22.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Macquarie decreased their price target on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating for the company in a report on Friday. Wedbush reiterated an “outperform” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Susquehanna Bancshares raised their price target on shares of MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Canaccord Genuity Group reiterated a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, BTIG Research cut MGM Resorts International from a “buy” rating to a “neutral” rating in a research report on Monday, February 3rd. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.94.

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.