ACR Alpine Capital Research LLC Makes New Investment in MGM Resorts International (NYSE:MGM)

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

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in MGM Resorts International in the 4th quarter worth about $139,599,000. Boston Partners boosted its stake in shares of MGM Resorts International by 36.3% during the 4th quarter. Boston Partners now owns 5,427,254 shares of the company’s stock valued at $242,002,000 after buying an additional 1,446,362 shares during the period. Capital World Investors increased its stake in shares of MGM Resorts International by 17.7% in the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock worth $292,713,000 after acquiring an additional 984,617 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of MGM Resorts International by 112.1% during the fourth quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock worth $67,466,000 after acquiring an additional 795,920 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its holdings in shares of MGM Resorts International by 21.0% during the fourth quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock worth $107,295,000 after acquiring an additional 416,911 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

MGM Resorts International stock traded up $1.92 during mid-day trading on Thursday, reaching $45.83. The company had a trading volume of 4,737,750 shares, compared to its average volume of 3,778,047. The company has a 50 day moving average of $41.25 and a 200-day moving average of $42.87. MGM Resorts International has a 52 week low of $34.12 and a 52 week high of $51.35. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 1.56. The firm has a market cap of $14.38 billion, a price-to-earnings ratio of 17.63, a PEG ratio of 0.90 and a beta of 2.24.

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

Insider Activity

In related news, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the transaction, the director now directly owns 5,859,478 shares of the company’s stock, valued at $236,957,290.32. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Daniel J. Taylor sold 4,344 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total value of $178,190.88. Following the sale, the director now owns 5,250 shares of the company’s stock, valued at approximately $215,355. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Keith A. Meister sold 139,300 shares of the company’s stock in a transaction 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 completion of the sale, the director now owns 5,859,478 shares in the company, valued at $236,957,290.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 147,988 shares of company stock worth $5,991,759. Company insiders own 2.83% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the topic of several research reports. JMP Securities upped their target price on MGM Resorts International from $57.00 to $58.00 and gave the stock a “market outperform” rating in a research report on Monday, May 6th. Morgan Stanley lifted their target price on shares of MGM Resorts International from $45.00 to $46.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 9th. Susquehanna upgraded shares of MGM Resorts International from a “neutral” rating to a “positive” rating and increased their price target for the stock from $46.00 to $54.00 in a research note on Thursday, May 2nd. Barclays lifted their price objective on shares of MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Finally, StockNews.com lowered MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and an average price target of $54.66.

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.