Graham Capital Management L.P. Has $2.72 Million Stock Position in MGM Resorts International (NYSE:MGM)

Graham Capital Management L.P. trimmed its holdings in MGM Resorts International (NYSE:MGM) by 9.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 78,448 shares of the company’s stock after selling 8,220 shares during the quarter. Graham Capital Management L.P.’s holdings in MGM Resorts International were worth $2,718,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of MGM. Elyxium Wealth LLC bought a new stake in shares of MGM Resorts International in the fourth quarter valued at about $203,000. Deutsche Bank AG lifted its position in shares of MGM Resorts International by 38.3% in the 4th quarter. Deutsche Bank AG now owns 1,429,115 shares of the company’s stock worth $49,519,000 after acquiring an additional 395,836 shares during the period. Eminence Capital LP acquired a new stake in shares of MGM Resorts International during the 4th quarter worth approximately $72,408,000. Cetera Investment Advisers increased its position in shares of MGM Resorts International by 34.2% during the fourth quarter. Cetera Investment Advisers now owns 110,956 shares of the company’s stock valued at $3,845,000 after purchasing an additional 28,268 shares during the period. Finally, Centiva Capital LP raised its stake in shares of MGM Resorts International by 199.9% in the fourth quarter. Centiva Capital LP now owns 68,410 shares of the company’s stock valued at $2,370,000 after purchasing an additional 45,598 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Buying and Selling

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

MGM Resorts International Stock Performance

Shares of NYSE:MGM opened at $32.58 on Friday. 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 1-year low of $25.30 and a 1-year high of $47.26. The stock has a market capitalization of $8.87 billion, a P/E ratio of 13.58, a P/E/G ratio of 0.98 and a beta of 1.78. The business has a 50-day moving average price of $30.60 and a two-hundred day moving average price of $33.99.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data 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. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. MGM Resorts International’s revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.74 earnings per share. Equities analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its Board of Directors has initiated a stock buyback plan on Wednesday, April 30th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 22.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MGM. BTIG Research lowered shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Monday, February 3rd. Barclays upped their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. Canaccord Genuity Group restated a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Citigroup upped their price objective on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, Truist Financial cut their target price on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.94.

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.