Seven Eight Capital LP Purchases New Stake in MGM Resorts International (NYSE:MGM)

Seven Eight Capital LP acquired a new position in shares of MGM Resorts International (NYSE:MGM) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 41,917 shares of the company’s stock, valued at approximately $1,979,000.

A number of other institutional investors have also recently bought and sold shares of MGM. Norges Bank purchased a new position in shares of MGM Resorts International during the 4th quarter valued at $139,599,000. Boston Partners boosted its position in MGM Resorts International by 36.3% during the fourth quarter. Boston Partners now owns 5,427,254 shares of the company’s stock valued at $242,002,000 after purchasing an additional 1,446,362 shares during the last quarter. Capital World Investors grew its stake in MGM Resorts International by 17.7% in the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after purchasing an additional 984,617 shares in the last quarter. Hsbc Holdings PLC increased its position in MGM Resorts International by 112.1% in the 4th quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock worth $67,466,000 after purchasing an additional 795,920 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in shares of MGM Resorts International by 21.0% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock worth $107,295,000 after purchasing an additional 416,911 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MGM shares. Susquehanna raised MGM Resorts International from a “neutral” rating to a “positive” rating and boosted their price target for the company from $46.00 to $54.00 in a research note on Thursday, May 2nd. JMP Securities raised their target price on MGM Resorts International from $58.00 to $59.00 and gave the company a “market outperform” rating in a report on Wednesday, July 17th. JPMorgan Chase & Co. upped their price target on MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Mizuho raised their price objective on MGM Resorts International from $61.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Finally, Barclays upped their target price on MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus price target of $54.66.

MGM Resorts International Price Performance

NYSE:MGM traded up $0.01 during trading hours on Tuesday, reaching $43.78. The company had a trading volume of 3,543,124 shares, compared to its average volume of 3,724,222. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 1.56. The stock has a 50-day moving average of $41.99 and a two-hundred day moving average of $42.88. MGM Resorts International has a one year low of $34.12 and a one year high of $51.35. The firm has a market capitalization of $13.73 billion, a PE ratio of 16.84, a PEG ratio of 0.94 and a beta of 2.24.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.18. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the prior year, the firm earned $0.44 EPS. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. Analysts forecast that MGM Resorts International will post 3 earnings per share for the current year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 139,300 shares of MGM Resorts International stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the transaction, the director now owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Keith A. Meister sold 139,300 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the transaction, the director now owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Alexis Herman sold 4,344 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 147,988 shares of company stock valued at $5,991,759. Corporate insiders own 2.13% 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.