Ameriflex Group Inc. Takes Position in MGM Resorts International (NYSE:MGM)

Ameriflex Group Inc. bought a new position in MGM Resorts International (NYSE:MGM - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 14,024 shares of the company's stock, valued at approximately $484,000.

Several other large investors have also recently made changes to their positions in the company. Neo Ivy Capital Management bought a new stake in shares of MGM Resorts International in the fourth quarter worth about $3,715,000. Fourth Dimension Wealth LLC bought a new stake in MGM Resorts International during the fourth quarter worth approximately $115,000. Vise Technologies Inc. bought a new stake in MGM Resorts International during the fourth quarter worth approximately $211,000. PharVision Advisers LLC bought a new stake in MGM Resorts International during the fourth quarter worth approximately $212,000. Finally, Worldquant Millennium Advisors LLC bought a new stake in MGM Resorts International during the fourth quarter worth approximately $3,313,000. 68.11% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the business's stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $32.17 per share, with a total value of $321,700.00. Following the transaction, the chief financial officer now owns 75,648 shares of the company's stock, valued at approximately $2,433,596.16. This trade represents a 15.23% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Stock Down 0.6%

Shares of MGM traded down $0.19 during midday trading on Wednesday, hitting $31.80. 3,139,819 shares of the company's stock traded hands, compared to its average volume of 4,765,604. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26. The firm's fifty day moving average is $30.91 and its 200-day moving average is $33.52. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The stock has a market capitalization of $8.65 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.50 by $0.19. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The business's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.74 EPS. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

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

Analysts Set New Price Targets

Several brokerages have weighed in on MGM. Citigroup boosted their price objective on MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Wedbush reissued an "outperform" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Canaccord Genuity Group reissued a "buy" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Wells Fargo & Company boosted their price objective on MGM Resorts International from $44.00 to $46.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. Finally, JMP Securities reduced their price objective on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating on the stock in a research note on Thursday, April 17th. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $48.94.

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.