NorthRock Partners LLC Takes Position in MGM Resorts International (NYSE:MGM)

NorthRock Partners LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,266 shares of the company’s stock, valued at approximately $217,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of MGM Resorts International during the fourth quarter worth about $88,033,000. Eminence Capital LP acquired a new stake in MGM Resorts International during the 4th quarter worth approximately $72,408,000. AQR Capital Management LLC grew its stake in shares of MGM Resorts International by 12,726.8% in the 4th quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company’s stock valued at $44,316,000 after purchasing an additional 1,268,994 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of MGM Resorts International by 50.9% in the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock valued at $112,048,000 after purchasing an additional 1,090,533 shares during the period. Finally, Invesco Ltd. raised its stake in shares of MGM Resorts International by 22.5% during the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock worth $200,462,000 after purchasing an additional 1,063,707 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Mizuho lifted their price objective on shares of MGM Resorts International from $56.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, February 13th. JMP Securities lowered their target price on shares of MGM Resorts International from $50.00 to $45.00 and set a “market outperform” rating on the stock in a report on Thursday, April 17th. Barclays increased their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Susquehanna Bancshares raised their price objective on shares of MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Finally, Capital One Financial boosted their target price on MGM Resorts International from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and an average target price of $48.94.

MGM Resorts International Trading Down 1.3%

Shares of MGM stock opened at $33.96 on Monday. The stock has a market cap of $9.24 billion, a P/E ratio of 14.15, a P/E/G ratio of 0.98 and a beta of 1.78. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The business has a fifty day simple moving average of $30.87 and a 200-day simple moving average of $33.74.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same period last year, the firm posted $0.74 EPS. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, 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 outstanding shares. This buyback authorization allows the company to buy up to 22.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the transaction, the chief operating officer now directly owns 281,530 shares in the company, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel J. Taylor sold 5,261 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,261 shares of company stock valued at $1,788,007. 3.06% of the stock is owned by corporate insiders.

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.