60,000 Shares in MGM Resorts International (NYSE:MGM) Acquired by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. bought a new stake in MGM Resorts International (NYSE:MGM) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 60,000 shares of the company’s stock, valued at approximately $2,079,000.

A number of other institutional investors have also modified their holdings of the stock. TD Waterhouse Canada Inc. increased its position in MGM Resorts International by 8.9% in the fourth quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company’s stock worth $111,000 after buying an additional 261 shares during the period. Ballentine Partners LLC grew its holdings in shares of MGM Resorts International by 5.4% during the fourth quarter. Ballentine Partners LLC now owns 6,553 shares of the company’s stock valued at $227,000 after buying an additional 333 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its position in MGM Resorts International by 1.7% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company’s stock valued at $684,000 after purchasing an additional 333 shares in the last quarter. Global Retirement Partners LLC grew its stake in MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after purchasing an additional 404 shares in the last quarter. Finally, Assetmark Inc. boosted its holdings in MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Up 0.6%

Shares of NYSE:MGM opened at $34.88 on Wednesday. The stock’s 50-day moving average price is $30.70 and its 200-day moving average price is $33.92. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $47.26. The stock has a market capitalization of $9.49 billion, a P/E ratio of 14.53, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same period in the previous year, the company posted $0.74 earnings per share. The firm’s revenue was down 2.4% on a year-over-year basis. On average, equities analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International announced that its Board of Directors has approved a stock buyback program on Wednesday, April 30th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have commented on MGM. Susquehanna Bancshares raised their price objective on MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Capital One Financial upped their target price on shares of MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Barclays raised their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. JMP Securities reduced their price target on MGM Resorts International from $50.00 to $45.00 and set a “market outperform” rating for the company in a report on Thursday, April 17th. Finally, Argus raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Friday, February 14th. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.94.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at $692,509.84. The trade was a 24.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $32.17 per share, with a total value of $321,700.00. Following the acquisition, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This trade represents a 15.23% increase in their position. The disclosure for this purchase can be found here. 3.06% of the stock is owned by corporate insiders.

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.