MGM Resorts International $MGM Shares Acquired by Brevan Howard Capital Management LP

Brevan Howard Capital Management LP lifted its stake in shares of MGM Resorts International (NYSE:MGM) by 943.7% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 422,983 shares of the company’s stock after purchasing an additional 382,456 shares during the quarter. Brevan Howard Capital Management LP’s holdings in MGM Resorts International were worth $14,546,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on MGM. The Goldman Sachs Group restated a “sell” rating and set a $31.00 price objective on shares of MGM Resorts International in a research note on Thursday, October 30th. UBS Group decreased their target price on shares of MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating for the company in a research report on Monday, November 17th. Zacks Research lowered shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Mizuho set a $62.00 price objective on MGM Resorts International in a research note on Thursday, October 30th. Finally, Macquarie lowered their target price on MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, October 2nd. Thirteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, MGM Resorts International presently has a consensus rating of “Hold” and a consensus price target of $45.42.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares in the company, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 dated Friday, December 5th. The stock was bought at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the transaction, the insider owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. This trade represents a 1.70% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.06% of the stock is currently owned by insiders.

MGM Resorts International Price Performance

NYSE:MGM opened at $37.40 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $41.32. The stock’s 50-day moving average price is $33.17 and its 200-day moving average price is $34.80. The stock has a market capitalization of $10.23 billion, a PE ratio of 233.73, a price-to-earnings-growth ratio of 2.77 and a beta of 1.48.

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

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.