Key Colony Management LLC Purchases 88,000 Shares of MGM Resorts International (NYSE:MGM)

Key Colony Management LLC lifted its position in shares of MGM Resorts International (NYSE:MGM) by 11.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 883,000 shares of the company’s stock after purchasing an additional 88,000 shares during the quarter. MGM Resorts International accounts for approximately 39.3% of Key Colony Management LLC’s portfolio, making the stock its largest holding. Key Colony Management LLC owned 0.28% of MGM Resorts International worth $34,516,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Gateway Investment Advisers LLC lifted its holdings in MGM Resorts International by 41.2% in the 1st quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock valued at $465,000 after purchasing an additional 2,872 shares in the last quarter. ACR Alpine Capital Research LLC purchased a new position in MGM Resorts International in the 1st quarter valued at $3,922,000. Maverick Capital Ltd. purchased a new position in shares of MGM Resorts International during the 2nd quarter worth $1,211,000. Fisher Asset Management LLC boosted its position in shares of MGM Resorts International by 5.2% during the 4th quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock valued at $194,686,000 after acquiring an additional 213,528 shares during the last quarter. Finally, Texas Permanent School Fund Corp boosted its position in shares of MGM Resorts International by 0.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after acquiring an additional 245 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the topic of several recent research reports. Macquarie lowered their price target on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. BTIG Research initiated coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price target on the stock. JMP Securities lowered their price target on shares of MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 1st. Morgan Stanley lowered their price target on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 4th. Finally, Wells Fargo & Company lowered their price target on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price of $53.93.

Insider Buying and Selling at MGM Resorts International

In related news, CEO William Hornbuckle purchased 58,900 shares of the company’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $33.73 per share, for a total transaction of $1,986,697.00. Following the completion of the purchase, the chief executive officer now directly owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO William Hornbuckle acquired 58,900 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the acquisition, the chief executive officer now owns 377,112 shares of the company’s stock, valued at $12,719,987.76. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul J. Salem acquired 147,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was purchased at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the acquisition, the director now directly owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 216,400 shares of company stock worth $7,312,197 over the last three months. Insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Up 0.8 %

Shares of MGM traded up $0.30 during mid-day trading on Friday, hitting $39.89. 103,784 shares of the company’s stock were exchanged, compared to its average volume of 4,094,488. The company has a market cap of $12.12 billion, a price-to-earnings ratio of 14.94, a P/E/G ratio of 0.92 and a beta of 2.23. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47. The stock’s 50-day moving average is $37.69 and its 200-day moving average is $40.81.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period in the prior year, the firm earned $0.59 earnings per share. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, sell-side analysts anticipate that MGM Resorts International will post 2.55 earnings per share for the current fiscal year.

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.