ACR Alpine Capital Research LLC Invests $3.92 Million in MGM Resorts International (NYSE:MGM)

ACR Alpine Capital Research LLC purchased a new stake in MGM Resorts International (NYSE:MGM) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 83,083 shares of the company’s stock, valued at approximately $3,922,000. MGM Resorts International comprises 0.1% of ACR Alpine Capital Research LLC’s holdings, making the stock its 20th largest position.

Several other large investors have also recently bought and sold shares of MGM. Texas Permanent School Fund Corp lifted its holdings in shares of MGM Resorts International by 0.4% during the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after buying an additional 245 shares in the last quarter. FDx Advisors Inc. increased its position in MGM Resorts International by 4.3% during the first quarter. FDx Advisors Inc. now owns 7,383 shares of the company’s stock worth $349,000 after acquiring an additional 307 shares during the period. Catalina Capital Group LLC acquired a new stake in MGM Resorts International in the 1st quarter worth about $306,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in MGM Resorts International in the 1st quarter valued at about $204,000. Finally, Central Pacific Bank Trust Division acquired a new position in shares of MGM Resorts International during the 1st quarter worth approximately $143,000. 68.11% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. StockNews.com downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Morgan Stanley lifted their price objective on MGM Resorts International from $45.00 to $46.00 and gave the company an “equal weight” rating in a report on Tuesday, April 9th. JPMorgan Chase & Co. increased their target price on MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. BTIG Research began coverage on MGM Resorts International in a research report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price target on the stock. Finally, Susquehanna raised shares of MGM Resorts International from a “neutral” rating to a “positive” rating and upped their price objective for the stock from $46.00 to $54.00 in a research report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.66.

MGM Resorts International Price Performance

MGM traded up $1.92 on Thursday, reaching $45.83. The stock had a trading volume of 4,737,750 shares, compared to its average volume of 3,778,047. The company has a current ratio of 1.51, a quick ratio of 1.46 and a debt-to-equity ratio of 1.56. The company has a market capitalization of $14.38 billion, a price-to-earnings ratio of 17.63, a price-to-earnings-growth ratio of 0.90 and a beta of 2.24. MGM Resorts International has a fifty-two week low of $34.12 and a fifty-two week high of $51.35. The firm has a 50-day moving average of $41.25 and a 200-day moving average of $42.87.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.18. The business had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The firm’s quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter last year, the business earned $0.44 EPS. As a group, sell-side analysts anticipate that MGM Resorts International will post 3.02 EPS for the current year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 139,300 shares of MGM Resorts International stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the transaction, the director now directly owns 5,859,478 shares of the company’s stock, valued at approximately $236,957,290.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Keith A. Meister sold 139,300 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $40.44, for a total value of $5,633,292.00. Following the transaction, the director now owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The disclosure for this sale can be found here. Insiders sold 147,988 shares of company stock worth $5,991,759 over the last three months. Company insiders own 2.83% of the company’s stock.

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.