Credit Suisse AG Purchases 47,755 Shares of MGM Resorts International (NYSE:MGM)

by · The Markets Daily

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Credit Suisse AG increased its position in MGM Resorts International (NYSE:MGM – Free Report) by 15.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 363,638 shares of the company’s stock after acquiring an additional 47,755 shares during the quarter. Credit Suisse AG owned about 0.10% of MGM Resorts International worth $15,971,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. PSI Advisors LLC raised its holdings in MGM Resorts International by 15.1% in the 2nd quarter. PSI Advisors LLC now owns 1,525 shares of the company’s stock worth $67,000 after acquiring an additional 200 shares during the period. Invst LLC raised its holdings in MGM Resorts International by 1.3% in the 2nd quarter. Invst LLC now owns 17,609 shares of the company’s stock worth $773,000 after acquiring an additional 223 shares during the period. Epoch Investment Partners Inc. raised its holdings in MGM Resorts International by 2.0% in the 1st quarter. Epoch Investment Partners Inc. now owns 13,686 shares of the company’s stock worth $608,000 after acquiring an additional 273 shares during the period. Harvest Fund Management Co. Ltd raised its holdings in MGM Resorts International by 12.4% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 2,548 shares of the company’s stock worth $113,000 after acquiring an additional 281 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of MGM Resorts International by 2.2% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 16,396 shares of the company’s stock worth $728,000 after purchasing an additional 347 shares during the period. Institutional investors own 66.46% of the company’s stock.

MGM Resorts International Trading Down 3.0 %

MGM opened at $39.13 on Wednesday. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.78 and a quick ratio of 1.73. The company has a market cap of $13.37 billion, a price-to-earnings ratio of 13.31 and a beta of 2.14. The firm has a 50 day simple moving average of $37.66 and a 200 day simple moving average of $41.53. MGM Resorts International has a fifty-two week low of $32.43 and a fifty-two week high of $51.35.

MGM Resorts International (NYSE:MGM – Get Free Report) last issued its earnings results on Wednesday, November 8th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.52 by $0.12. MGM Resorts International had a net margin of 7.23% and a return on equity of 18.04%. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.86 billion. During the same quarter in the prior year, the firm earned ($1.39) earnings per share. The business’s quarterly revenue was up 16.3% on a year-over-year basis. On average, sell-side analysts anticipate that MGM Resorts International will post 2.26 earnings per share for the current year.

MGM Resorts International announced that its Board of Directors has initiated a stock buyback program on Wednesday, November 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 14.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MGM shares. HSBC started coverage on shares of MGM Resorts International in a report on Monday, October 23rd. They set a “buy” rating and a $49.00 price objective on the stock. Morgan Stanley decreased their target price on shares of MGM Resorts International from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Monday, November 13th. StockNews.com lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, October 13th. Wells Fargo & Company decreased 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 research report on Thursday, November 9th. Finally, Capital One Financial started coverage on shares of MGM Resorts International in a research report on Thursday, October 12th. They issued an “overweight” rating and a $50.00 price target on the stock. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $56.35.

View Our Latest Report on MGM

About MGM Resorts International

(Free Report)

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.

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