Susquehanna Fundamental Investments LLC Reduces Holdings in MGM Resorts International (NYSE:MGM)

Susquehanna Fundamental Investments LLC lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 72.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,300 shares of the company’s stock after selling 76,699 shares during the quarter. Susquehanna Fundamental Investments LLC’s holdings in MGM Resorts International were worth $1,302,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Capital World Investors increased its holdings in shares of MGM Resorts International by 17.7% during the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after acquiring an additional 984,617 shares in the last quarter. Boston Partners increased its holdings in shares of MGM Resorts International by 12.6% during the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after acquiring an additional 684,676 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of MGM Resorts International by 5.2% during the fourth 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 in the last quarter. Bamco Inc. NY increased its holdings in shares of MGM Resorts International by 3.6% during the first quarter. Bamco Inc. NY now owns 2,101,065 shares of the company’s stock valued at $99,191,000 after acquiring an additional 73,515 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of MGM Resorts International by 174.8% during the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after acquiring an additional 706,159 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Trading Down 1.2 %

Shares of NYSE:MGM opened at $38.62 on Wednesday. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The firm has a market capitalization of $12.11 billion, a price-to-earnings ratio of 14.85, a price-to-earnings-growth ratio of 0.68 and a beta of 2.22. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42. The business’s 50 day moving average price is $38.02 and its 200-day moving average price is $41.01.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter last year, the firm posted $0.59 EPS. The business’s revenue was up 9.8% on a year-over-year basis. On average, equities research analysts forecast that MGM Resorts International will post 2.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on MGM. Wells Fargo & Company cut 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 report on Thursday, August 1st. Stifel Nicolaus increased their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. BTIG Research began coverage on shares of MGM Resorts International in a report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price target on the stock. Morgan Stanley cut 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 report on Wednesday, September 4th. Finally, JMP Securities cut 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 report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.93.

Insider Activity

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

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.