Summit Securities Group LLC Takes $136,000 Position in MGM Resorts International (NYSE:MGM)

Summit Securities Group LLC bought a new stake in MGM Resorts International (NYSE:MGM) in the first quarter, HoldingsChannel reports. The fund bought 4,583 shares of the company’s stock, valued at approximately $136,000.

A number of other large investors have also modified their holdings of MGM. Eminence Capital LP acquired a new stake in shares of MGM Resorts International in the fourth quarter valued at about $72,408,000. Helikon Investments Ltd acquired a new stake in shares of MGM Resorts International in the first quarter valued at about $54,418,000. AQR Capital Management LLC grew 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 valued at $44,316,000 after buying an additional 1,268,994 shares in the last quarter. Davis Selected Advisers grew its stake in shares of MGM Resorts International by 4.5% in the first quarter. Davis Selected Advisers now owns 20,815,057 shares of the company’s stock valued at $616,958,000 after buying an additional 894,344 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in MGM Resorts International in the fourth quarter valued at about $20,053,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Trading Down 1.1%

NYSE:MGM opened at $35.92 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The business’s 50 day moving average is $35.85 and its two-hundred day moving average is $33.54. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The company has a market cap of $9.78 billion, a PE ratio of 19.74, a P/E/G ratio of 1.69 and a beta of 1.81.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.86 EPS. On average, analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its Board of Directors has authorized a share repurchase program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts recently commented on MGM shares. The Goldman Sachs Group started coverage on MGM Resorts International in a report on Monday, July 7th. They issued a “sell” rating and a $34.00 price target for the company. Barclays increased their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, July 18th. Morgan Stanley increased their price target on MGM Resorts International from $38.00 to $41.00 and gave the company an “equal weight” rating in a report on Wednesday, August 6th. Stifel Nicolaus increased their price target on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Finally, Citigroup raised MGM Resorts International from a “hold” rating to a “strong-buy” rating and increased their price target for the company from $55.00 to $57.00 in a report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.72.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.06% 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.