Lazari Capital Management Inc. Grows Stock Position in MGM Resorts International (NYSE:MGM)

Lazari Capital Management Inc. lifted its holdings in shares of MGM Resorts International (NYSE:MGM) by 6.3% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 5,633 shares of the company’s stock after acquiring an additional 333 shares during the period. Lazari Capital Management Inc.’s holdings in MGM Resorts International were worth $250,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in shares of MGM Resorts International during the second quarter worth $28,000. EverSource Wealth Advisors LLC lifted its position in MGM Resorts International by 60.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after acquiring an additional 329 shares during the period. UMB Bank n.a. grew its stake in MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after purchasing an additional 237 shares during the last quarter. Accent Capital Management LLC acquired a new position in shares of MGM Resorts International in the fourth quarter valued at about $45,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of MGM Resorts International in the second quarter worth about $49,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Buying and Selling

In related news, CEO William Hornbuckle bought 58,900 shares of the company’s stock in a transaction on Monday, August 5th. The stock was bought at an average cost of $33.73 per share, for a total transaction of $1,986,697.00. Following the acquisition, the chief executive officer now directly owns 377,112 shares in the company, valued at $12,719,987.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International 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 sale, the director now owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William Hornbuckle acquired 58,900 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was acquired 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 approximately $12,719,987.76. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is owned by corporate insiders.

MGM Resorts International Stock Performance

NYSE:MGM opened at $38.62 on Wednesday. The company has a market cap of $12.11 billion, a P/E ratio of 14.85, a P/E/G ratio of 0.68 and a beta of 2.22. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The company’s 50-day moving average price is $38.02 and its 200-day moving average price is $41.01. 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 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. The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The business’s revenue was up 9.8% on a year-over-year basis. During the same period last year, the company posted $0.59 EPS. On average, sell-side analysts forecast that MGM Resorts International will post 2.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MGM has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday. JMP Securities reduced their price objective on MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating for the company in a research note on Thursday, August 1st. Stifel Nicolaus boosted their price objective on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Susquehanna raised their target price on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday, August 1st. Finally, Wells Fargo & Company decreased their price target on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.93.

MGM Resorts International Company 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.