Neo Ivy Capital Management Purchases New Shares in MGM Resorts International (NYSE:MGM)

Neo Ivy Capital Management acquired a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 107,220 shares of the company's stock, valued at approximately $3,715,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. ArrowMark Colorado Holdings LLC grew its stake in shares of MGM Resorts International by 42.8% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock worth $32,473,000 after buying an additional 280,700 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of MGM Resorts International by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company's stock worth $79,110,000 after buying an additional 38,749 shares in the last quarter. Korea Investment CORP grew its stake in shares of MGM Resorts International by 964.3% in the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company's stock worth $5,034,000 after buying an additional 131,636 shares in the last quarter. ACR Alpine Capital Research LLC grew its stake in shares of MGM Resorts International by 23.3% in the 4th quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company's stock worth $5,613,000 after buying an additional 30,605 shares in the last quarter. Finally, Davis Selected Advisers grew its stake in shares of MGM Resorts International by 4.6% in the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after buying an additional 882,417 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on MGM. Wedbush reaffirmed an "outperform" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Susquehanna lifted their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research note on Thursday, May 1st. Citigroup boosted their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Finally, Susquehanna Bancshares boosted their price objective on shares of MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.94.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, CFO Jonathan S. Halkyard acquired 10,000 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the purchase, the chief financial officer now directly owns 75,648 shares of the company's stock, valued at $2,433,596.16. The trade was a 15.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 disclosure for this sale can be found here. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Stock Up 2.0%

Shares of NYSE MGM traded up $0.63 during trading hours on Tuesday, hitting $31.98. 4,069,651 shares of the stock were exchanged, compared to its average volume of 4,767,720. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The company has a market cap of $8.70 billion, a PE ratio of 13.33, a PEG ratio of 0.98 and a beta of 1.78. The firm has a fifty day moving average price of $30.91 and a 200-day moving average price of $33.54. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted 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. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the previous year, the business posted $0.74 EPS. MGM Resorts International's revenue was down 2.4% on a year-over-year basis. On average, sell-side 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 outstanding shares. This repurchase authorization allows the company to reacquire up to 22.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

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.