Armistice Capital LLC Purchases New Stake in MGM Resorts International (NYSE:MGM)

Armistice Capital LLC purchased a new stake in MGM Resorts International (NYSE:MGM) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,778 shares of the company’s stock, valued at approximately $482,000.

Several other institutional investors have also recently added to or reduced their stakes in MGM. Fisher Asset Management LLC grew its position in shares of MGM Resorts International by 4.9% during the fourth quarter. Fisher Asset Management LLC now owns 4,346,250 shares of the company’s stock worth $194,190,000 after acquiring an additional 202,434 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in 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 valued at $107,295,000 after buying an additional 416,911 shares during the period. RB Capital Management LLC increased its stake in MGM Resorts International by 6.6% during the 4th quarter. RB Capital Management LLC now owns 17,040 shares of the company’s stock valued at $761,000 after buying an additional 1,060 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in MGM Resorts International during the 4th quarter valued at about $2,012,000. Finally, Bamco Inc. NY increased its stake in MGM Resorts International by 4.5% during the 3rd quarter. Bamco Inc. NY now owns 1,912,447 shares of the company’s stock valued at $70,302,000 after buying an additional 82,134 shares during the period. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

MGM traded up $0.64 during trading on Wednesday, reaching $40.08. 950,920 shares of the company’s stock were exchanged, compared to its average volume of 3,812,103. MGM Resorts International has a fifty-two week low of $34.12 and a fifty-two week high of $51.35. 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 business has a 50 day moving average price of $42.22 and a 200 day moving average price of $42.80. The company has a market capitalization of $12.57 billion, a P/E ratio of 15.33, a PEG ratio of 0.89 and a beta of 2.24.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the company earned $0.44 earnings per share. The business’s revenue was up 13.2% compared to the same quarter last year. As a group, analysts predict that MGM Resorts International will post 2.9 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Keith A. Meister sold 325,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total value of $13,942,500.00. Following the sale, the director now owns 6,098,778 shares in the company, valued at approximately $261,637,576.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Daniel J. Taylor sold 4,344 shares of MGM Resorts International stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total value of $178,190.88. Following the completion of the transaction, the director now directly owns 5,250 shares of the company’s stock, valued at $215,355. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Meister sold 325,000 shares of MGM Resorts International stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total value of $13,942,500.00. Following the completion of the transaction, the director now directly owns 6,098,778 shares of the company’s stock, valued at $261,637,576.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 333,688 shares of company stock worth $14,300,967. Corporate insiders own 2.83% of the company’s stock.

Wall Street Analysts Forecast Growth

MGM has been the topic of several research analyst reports. Macquarie reissued an “outperform” rating and set a $58.00 target price on shares of MGM Resorts International in a research note on Wednesday, February 14th. Barclays raised their target price on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. raised their target price on shares of MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Morgan Stanley raised their price target on shares of MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. Finally, Susquehanna upgraded shares of MGM Resorts International from a “neutral” rating to a “positive” rating and raised their price target for the stock from $46.00 to $54.00 in a report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.83.

MGM Resorts International 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.