Brevan Howard Capital Management LP Acquires 382,456 Shares of MGM Resorts International $MGM

Brevan Howard Capital Management LP raised its holdings in MGM Resorts International (NYSE:MGM) by 943.7% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 422,983 shares of the company’s stock after acquiring an additional 382,456 shares during the quarter. Brevan Howard Capital Management LP owned approximately 0.16% of MGM Resorts International worth $14,546,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Davis Selected Advisers boosted its stake in shares of MGM Resorts International by 14.4% during the second quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock valued at $819,208,000 after purchasing an additional 3,006,052 shares during the period. Helikon Investments Ltd lifted its holdings in MGM Resorts International by 379.9% during the 2nd quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock valued at $302,987,000 after buying an additional 6,974,347 shares in the last quarter. Goldentree Asset Management LP boosted its position in MGM Resorts International by 20.7% in the 2nd quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock valued at $185,778,000 after buying an additional 924,810 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in MGM Resorts International in the 2nd quarter worth about $171,632,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in MGM Resorts International by 119.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 4,212,114 shares of the company’s stock worth $144,855,000 after acquiring an additional 2,293,797 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM stock opened at $37.40 on Friday. The stock’s 50-day moving average is $33.17 and its 200 day moving average is $34.80. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $41.32. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.23 and a quick ratio of 1.19. The company has a market cap of $10.23 billion, a P/E ratio of 233.73, a PEG ratio of 2.77 and a beta of 1.48.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.13). MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The firm had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the company posted $0.54 earnings per share. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. Research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on MGM shares. Weiss Ratings reiterated a “sell (d)” rating on shares of MGM Resorts International in a report on Monday. Citigroup lowered their target price on MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a report on Thursday, October 30th. Wells Fargo & Company initiated coverage on MGM Resorts International in a research note on Tuesday, November 18th. They set an “underweight” rating and a $29.00 price target on the stock. Stifel Nicolaus set a $45.00 price objective on MGM Resorts International in a report on Thursday, October 30th. Finally, Macquarie dropped their target price on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, October 2nd. Thirteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, MGM Resorts International has an average rating of “Hold” and a consensus price target of $45.42.

Insider Buying and Selling

In other news, insider John Mcmanus sold 60,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the sale, the insider owned 31,521 shares in the company, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Iac Inc. bought 1,098,748 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were acquired at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the purchase, the insider owned 65,822,350 shares in the company, valued at $2,389,351,305. The trade was a 1.70% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 3.06% of the company’s stock.

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.