ProShare Advisors LLC Buys 2,274 Shares of MGM Resorts International (NYSE:MGM)

ProShare Advisors LLC boosted its stake in shares of MGM Resorts International (NYSE:MGM) by 4.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,774 shares of the company’s stock after purchasing an additional 2,274 shares during the period. ProShare Advisors LLC’s holdings in MGM Resorts International were worth $1,898,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Davis Selected Advisers increased its holdings in MGM Resorts International by 4.6% during the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after buying an additional 882,417 shares during the last quarter. Invesco Ltd. increased its holdings 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 buying an additional 1,063,707 shares during the last quarter. Marshall Wace LLP increased its holdings in MGM Resorts International by 50.9% during the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock valued at $112,048,000 after buying an additional 1,090,533 shares during the last quarter. Norges Bank purchased a new stake in MGM Resorts International during the fourth quarter valued at approximately $88,033,000. Finally, Northern Trust Corp increased its holdings in MGM Resorts International by 15.1% during the fourth quarter. Northern Trust Corp now owns 2,315,748 shares of the company’s stock valued at $80,241,000 after buying an additional 303,711 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Canaccord Genuity Group reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Wedbush reaffirmed an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Morgan Stanley reduced their price objective on shares of MGM Resorts International from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 16th. Mizuho increased their price objective on shares of MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, February 13th. Finally, Susquehanna Bancshares increased their price objective on shares of MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and an average price target of $48.94.

MGM Resorts International Price Performance

MGM stock opened at $32.91 on Wednesday. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The company has a fifty day simple moving average of $30.97 and a two-hundred day simple moving average of $33.72. The firm has a market capitalization of $8.96 billion, a P/E ratio of 13.71, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS 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 business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the business earned $0.74 earnings per share. MGM Resorts International’s quarterly revenue was down 2.4% compared to the same quarter last year. Analysts anticipate 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 buyback program on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 22.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at MGM Resorts International

In other news, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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. 3.06% of the stock is owned by company 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.