New Age Alpha Advisors LLC decreased its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 8.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 117,905 shares of the company's stock after selling 10,418 shares during the period. New Age Alpha Advisors LLC's holdings in MGM Resorts International were worth $3,495,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the company. Factorial Partners LLC lifted its holdings in shares of MGM Resorts International by 521.1% during the first quarter. Factorial Partners LLC now owns 118,000 shares of the company's stock valued at $3,498,000 after purchasing an additional 99,000 shares during the last quarter. ING Groep NV purchased a new position in MGM Resorts International in the 1st quarter worth about $847,000. Blair William & Co. IL lifted its position in MGM Resorts International by 1.7% during the first quarter. Blair William & Co. IL now owns 38,027 shares of the company's stock valued at $1,127,000 after purchasing an additional 630 shares during the period. Bank of Nova Scotia boosted its stake in shares of MGM Resorts International by 31.5% in the 1st quarter. Bank of Nova Scotia now owns 50,990 shares of the company's stock worth $1,511,000 after buying an additional 12,220 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of MGM Resorts International by 518.4% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 149,600 shares of the company's stock valued at $4,729,000 after purchasing an additional 125,408 shares during the period. 68.11% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the transaction, the chief operating officer directly owned 281,530 shares of the company's stock, valued at approximately $9,693,077.90. The trade was a 12.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed 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. In the last three months, insiders have sold 105,261 shares of company stock valued at $3,486,367. Company insiders own 3.06% of the company's stock.
Analyst Ratings Changes
MGM has been the topic of a number of recent research reports. Seaport Res Ptn cut MGM Resorts International from a "strong-buy" rating to a "hold" rating in a report on Monday, July 21st. Truist Financial lifted their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Citizens Jmp lowered shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. Susquehanna boosted their target price on MGM Resorts International from $50.00 to $60.00 and gave the company a "positive" rating in a research report on Tuesday, July 29th. Finally, Citigroup raised shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and raised their price objective for the stock from $55.00 to $57.00 in a research note on Wednesday, July 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $48.72.
Get Our Latest Analysis on MGM
MGM Resorts International Stock Down 1.0%
Shares of NYSE MGM traded down $0.37 during trading hours on Thursday, hitting $34.72. 4,335,868 shares of the stock were exchanged, compared to its average volume of 5,119,436. The firm has a fifty day moving average price of $35.40 and a 200-day moving average price of $33.45. The company has a market cap of $9.45 billion, a PE ratio of 19.08, a PEG ratio of 1.66 and a beta of 1.81. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $42.53.
MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same period last year, the firm posted $0.86 EPS. MGM Resorts International's revenue was up 1.8% 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 of Directors has initiated a stock repurchase program on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.
MGM Resorts International Company Profile
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Free Report)
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.
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