Bessemer Securities LLC Lowers Stake in MGM Resorts International (NYSE:MGM)

Bessemer Securities LLC reduced its holdings in shares of MGM Resorts International (NYSE:MGM) by 53.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 11,700 shares of the company’s stock after selling 13,400 shares during the period. Bessemer Securities LLC’s holdings in MGM Resorts International were worth $514,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Profund Advisors LLC grew its position in MGM Resorts International by 43.6% during the 2nd quarter. Profund Advisors LLC now owns 7,598 shares of the company’s stock worth $334,000 after purchasing an additional 2,308 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of MGM Resorts International in the second quarter valued at about $861,000. Boston Partners purchased a new stake in shares of MGM Resorts International in the second quarter valued at about $11,298,000. Russell Investments Group Ltd. boosted its holdings in shares of MGM Resorts International by 149.4% in the second quarter. Russell Investments Group Ltd. now owns 319,121 shares of the company’s stock valued at $14,010,000 after acquiring an additional 191,148 shares in the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new stake in shares of MGM Resorts International in the second quarter valued at about $2,293,000. 66.46% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Stock Performance

Shares of MGM opened at $40.31 on Tuesday. The company has a current ratio of 1.78, a quick ratio of 1.73 and a debt-to-equity ratio of 1.47. The stock has a market cap of $13.77 billion, a P/E ratio of 13.71 and a beta of 2.17. The company has a 50-day moving average of $37.50 and a two-hundred day moving average of $41.73. MGM Resorts International has a 12-month low of $32.43 and a 12-month high of $51.35.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, November 8th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.12. The company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.86 billion. MGM Resorts International had a net margin of 7.23% and a return on equity of 18.04%. The firm’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.39) earnings per share. As a group, research analysts predict that MGM Resorts International will post 2.22 EPS for the current fiscal year.

MGM Resorts International declared that its Board of Directors has initiated a share repurchase program on Wednesday, November 8th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to buy up to 14.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wells Fargo & Company lowered their target price on shares of MGM Resorts International from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday, November 9th. Citigroup lifted their target price on shares of MGM Resorts International from $63.00 to $66.50 in a report on Friday, August 4th. StockNews.com downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, October 13th. HSBC initiated coverage on shares of MGM Resorts International in a research note on Monday, October 23rd. They issued a “buy” rating and a $49.00 price objective for the company. Finally, Susquehanna reduced their price objective on shares of MGM Resorts International from $51.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, August 3rd. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.35.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.