MGM Resorts International (NYSE:MGM) Stock Holdings Trimmed by Corvex Management LP

Corvex Management LP cut its holdings in MGM Resorts International (NYSE:MGM) by 0.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,687,478 shares of the company’s stock after selling 51,000 shares during the quarter. MGM Resorts International comprises 5.5% of Corvex Management LP’s holdings, making the stock its 6th largest position. Corvex Management LP owned 1.91% of MGM Resorts International worth $197,071,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Norges Bank acquired a new position in MGM Resorts International in the 4th quarter worth approximately $88,033,000. AQR Capital Management LLC increased its stake in shares of MGM Resorts International by 12,726.8% in the fourth quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company’s stock worth $44,316,000 after acquiring an additional 1,268,994 shares during the period. Marshall Wace LLP raised its holdings in shares of MGM Resorts International by 50.9% during the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock worth $112,048,000 after purchasing an additional 1,090,533 shares during the last quarter. Invesco Ltd. lifted its position in MGM Resorts International by 22.5% during the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock valued at $200,462,000 after purchasing an additional 1,063,707 shares during the period. Finally, Davis Selected Advisers boosted its holdings in MGM Resorts International by 4.6% in the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after purchasing an additional 882,417 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Jonathan S. Halkyard acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, with a total value of $321,700.00. Following the transaction, the chief financial officer now owns 75,648 shares in the company, valued at approximately $2,433,596.16. This trade represents a 15.23 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MGM. Needham & Company LLC reissued a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Argus upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Friday, February 14th. Canaccord Genuity Group reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Macquarie lowered their price target on shares of MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Leerink Partners cut shares of MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.94.

MGM Resorts International Stock Up 0.3 %

MGM Resorts International stock opened at $32.07 on Tuesday. The company has a market capitalization of $8.73 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The firm has a 50 day moving average price of $30.75 and a 200 day moving average price of $34.18.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the previous year, the business earned $0.74 EPS. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. Research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its board has authorized a stock repurchase program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.