Gateway Investment Advisers LLC Invests $258,000 in MGM Resorts International (NYSE:MGM)

Gateway Investment Advisers LLC acquired a new stake in MGM Resorts International (NYSE:MGM - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 8,719 shares of the company's stock, valued at approximately $258,000.

Several other hedge funds have also recently added to or reduced their stakes in MGM. Chemistry Wealth Management LLC acquired a new stake in MGM Resorts International in the first quarter worth $246,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of MGM Resorts International in the 1st quarter valued at $56,000. Triangle Securities Wealth Management raised its stake in MGM Resorts International by 4.9% during the 1st quarter. Triangle Securities Wealth Management now owns 24,314 shares of the company's stock worth $721,000 after buying an additional 1,143 shares during the period. Merit Financial Group LLC lifted its holdings in MGM Resorts International by 85.0% during the first quarter. Merit Financial Group LLC now owns 12,968 shares of the company's stock worth $384,000 after acquiring an additional 5,960 shares in the last quarter. Finally, Czech National Bank grew its stake in MGM Resorts International by 4.7% in the first quarter. Czech National Bank now owns 51,386 shares of the company's stock valued at $1,523,000 after acquiring an additional 2,323 shares during the period. Institutional investors and hedge funds own 68.11% of the company's stock.

MGM Resorts International Stock Performance

MGM stock traded up $0.95 during trading hours on Tuesday, reaching $33.42. The stock had a trading volume of 4,211,471 shares, compared to its average volume of 4,821,206. The stock has a 50-day simple moving average of $31.01 and a 200 day simple moving average of $33.15. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The stock has a market capitalization of $9.10 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 0.98 and a beta of 1.76. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. MGM Resorts International's revenue was down 2.4% on a year-over-year basis. During the same period last year, the business posted $0.74 EPS. Analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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

Analysts Set New Price Targets

MGM has been the topic of a number of research analyst reports. Truist Financial dropped their price target on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Needham & Company LLC reaffirmed a "buy" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Stifel Nicolaus dropped their price target on MGM Resorts International from $50.00 to $44.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Capital One Financial increased their price objective on MGM Resorts International from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $48.94.

Insider Buying and Selling

In related news, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total transaction of $183,766.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the transaction, the chief operating officer now directly owns 281,530 shares in the company, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is owned by insiders.

MGM Resorts International Company 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.