Alpha DNA Investment Management LLC Acquires Shares of 12,402 MGM Resorts International (NYSE:MGM)

Alpha DNA Investment Management LLC bought a new position in shares of MGM Resorts International (NYSE:MGM) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 12,402 shares of the company’s stock, valued at approximately $551,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. PNC Financial Services Group Inc. increased its position in MGM Resorts International by 4.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 43,341 shares of the company’s stock valued at $1,936,000 after acquiring an additional 1,815 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of MGM Resorts International by 1.0% in the fourth quarter. Franklin Resources Inc. now owns 61,579 shares of the company’s stock valued at $2,751,000 after purchasing an additional 590 shares in the last quarter. Hsbc Holdings PLC raised its position in MGM Resorts International by 112.1% in the 4th quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock worth $67,466,000 after purchasing an additional 795,920 shares during the last quarter. Stifel Financial Corp lifted its holdings in MGM Resorts International by 1.9% during the 4th quarter. Stifel Financial Corp now owns 182,366 shares of the company’s stock worth $8,148,000 after buying an additional 3,358 shares in the last quarter. Finally, Focus Financial Network Inc. ADV bought a new position in MGM Resorts International in the 4th quarter valued at $1,124,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Up 1.4 %

NYSE:MGM opened at $37.35 on Wednesday. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The stock has a 50-day moving average price of $38.54 and a two-hundred day moving average price of $41.13. The stock has a market cap of $11.35 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 0.68 and a beta of 2.22. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the previous year, the business posted $0.59 EPS. MGM Resorts International’s revenue for the quarter was up 9.8% on a year-over-year basis. As a group, equities analysts expect that MGM Resorts International will post 2.63 earnings per share for the current year.

Insider Buying and Selling at MGM Resorts International

In related news, CEO William Hornbuckle acquired 58,900 shares of the stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the completion of the transaction, the chief executive officer now directly owns 377,112 shares of the company’s stock, valued at $12,719,987.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO William Hornbuckle bought 58,900 shares of MGM Resorts International stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the purchase, the chief executive officer now owns 377,112 shares in the company, valued at $12,719,987.76. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul J. Salem purchased 147,500 shares of the company’s stock in a transaction on Monday, August 5th. The stock was purchased at an average cost of $33.80 per share, for a total transaction of $4,985,500.00. Following the purchase, the director now directly owns 1,702,500 shares in the company, valued at $57,544,500. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 216,400 shares of company stock valued at $7,312,197. 2.13% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

MGM has been the subject of a number of recent research reports. Morgan Stanley dropped their target price on MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 4th. BTIG Research started coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 target price on the stock. UBS Group raised shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Macquarie dropped their price target on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.93.

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.