Pallas Capital Advisors LLC Invests $429,000 in MGM Resorts International (NYSE:MGM)

Pallas Capital Advisors LLC purchased a new position in MGM Resorts International (NYSE:MGM - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,481 shares of the company's stock, valued at approximately $429,000.

A number of other hedge funds have also recently made changes to their positions in the business. Norges Bank bought a new position in MGM Resorts International during the fourth quarter valued at approximately $88,033,000. Eminence Capital LP bought a new position in MGM Resorts International during the fourth quarter valued at approximately $72,408,000. AQR Capital Management LLC lifted its stake in shares of MGM Resorts International by 12,726.8% in the 4th quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company's stock valued at $44,316,000 after purchasing an additional 1,268,994 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of MGM Resorts International by 50.9% in the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock valued at $112,048,000 after purchasing an additional 1,090,533 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of MGM Resorts International by 22.5% in the 4th quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock valued at $200,462,000 after purchasing an additional 1,063,707 shares during the last quarter. Institutional investors own 68.11% of the company's stock.

MGM Resorts International Trading Up 8.1%

MGM traded up $2.56 during trading on Monday, hitting $34.29. 9,081,063 shares of the stock were exchanged, compared to its average volume of 4,868,065. The firm has a 50 day simple moving average of $31.67 and a 200 day simple moving average of $32.99. The firm has a market cap of $9.33 billion, a price-to-earnings ratio of 14.29, a P/E/G ratio of 0.98 and a beta of 1.76. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.50 by $0.19. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. MGM Resorts International's quarterly revenue was down 2.4% on a year-over-year basis. During the same period last year, the business posted $0.74 EPS. As a group, equities analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its board has authorized a share buyback program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MGM. Susquehanna raised their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a research note on Thursday, May 1st. Macquarie lowered their price objective on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Morgan Stanley lowered their price objective on MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Barclays raised their price objective on MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Finally, Truist Financial lowered their price objective on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.94.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer now directly owns 281,530 shares in the company, valued at $9,693,077.90. This trade represents a 12.44% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,261 shares of company stock valued at $3,486,367. 3.06% of the stock is currently owned by corporate insiders.

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.