Rafferty Asset Management LLC Grows Position in MGM Resorts International (NYSE:MGM)

Rafferty Asset Management LLC raised its stake in shares of MGM Resorts International (NYSE:MGM) by 6.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,929 shares of the company’s stock after purchasing an additional 1,902 shares during the quarter. Rafferty Asset Management LLC’s holdings in MGM Resorts International were worth $1,037,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in shares of MGM Resorts International in the 4th quarter valued at $88,033,000. Eminence Capital LP purchased a new stake in MGM Resorts International during the 4th quarter valued at about $72,408,000. AQR Capital Management LLC increased its holdings 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 purchasing an additional 1,268,994 shares during the period. Marshall Wace LLP raised its stake 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 worth $112,048,000 after purchasing an additional 1,090,533 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings 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 period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $31.39 on Thursday. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $47.26. The business’s 50 day moving average is $30.97 and its two-hundred day moving average is $33.70. The company has a market capitalization of $8.54 billion, a P/E ratio of 13.08, a P/E/G ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping 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 business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the prior year, the company posted $0.74 EPS. The business’s quarterly revenue was down 2.4% on a year-over-year basis. Analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MGM. Macquarie cut 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, May 2nd. Susquehanna increased their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a research note on Thursday, May 1st. Barclays boosted their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, May 1st. Susquehanna Bancshares increased their price target on MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Finally, BTIG Research lowered MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.94.

Insiders Place Their Bets

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

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.