Mark Asset Management LP Acquires 1,325 Shares of MGM Resorts International (NYSE:MGM)

Mark Asset Management LP lifted its stake in MGM Resorts International (NYSE:MGM) by 0.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 402,235 shares of the company’s stock after acquiring an additional 1,325 shares during the period. MGM Resorts International makes up 1.8% of Mark Asset Management LP’s portfolio, making the stock its 15th largest holding. Mark Asset Management LP’s holdings in MGM Resorts International were worth $17,875,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Capital World Investors increased its stake in 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 during the period. Boston Partners increased its position 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 purchasing an additional 684,676 shares during the period. Fisher Asset Management LLC raised its stake in shares of MGM Resorts International by 5.2% in the fourth quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock valued at $194,686,000 after purchasing an additional 213,528 shares in the last quarter. Bamco Inc. NY raised its stake in shares of MGM Resorts International by 3.6% in the first quarter. Bamco Inc. NY now owns 2,101,065 shares of the company’s stock valued at $99,191,000 after purchasing an additional 73,515 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after purchasing an additional 706,159 shares during the period. Institutional investors own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on MGM shares. Stifel Nicolaus increased 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. Wells Fargo & Company dropped their price target on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Morgan Stanley decreased their price objective on 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. Susquehanna upped their price objective on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Finally, UBS Group upgraded MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.93.

Insider Activity

In other news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other MGM Resorts International news, Director Paul J. Salem purchased 147,500 shares of the stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the transaction, the director now directly owns 1,702,500 shares in the company, valued at $57,544,500. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Meister sold 121,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the transaction, the director now owns 5,738,478 shares in the company, valued at $210,716,912.16. The disclosure for this sale can be found here. In the last ninety days, insiders bought 216,400 shares of company stock valued at $7,312,197. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Up 3.0 %

Shares of NYSE MGM opened at $38.31 on Friday. MGM Resorts International has a 12-month low of $33.44 and a 12-month high of $48.24. The firm’s 50-day simple moving average is $38.22 and its 200 day simple moving average is $41.08. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65. The company has a market cap of $11.64 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 0.68 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, beating the consensus estimate 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 business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the prior year, the firm earned $0.59 earnings per share. MGM Resorts International’s revenue was up 9.8% compared to the same quarter last year. On average, research analysts expect that MGM Resorts International will post 2.63 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.