RIA Advisory Group LLC Takes Position in MGM Resorts International (NYSE:MGM)

RIA Advisory Group LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 1,848 shares of the company’s stock, valued at approximately $83,000.

Several other hedge funds have also added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. lifted its holdings in MGM Resorts International by 17.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 21,276,150 shares of the company’s stock worth $713,390,000 after purchasing an additional 3,098,142 shares during the last quarter. Davis Selected Advisers acquired a new stake in MGM Resorts International during the 3rd quarter worth approximately $361,915,000. Morgan Stanley lifted its holdings in MGM Resorts International by 12.8% during the 4th quarter. Morgan Stanley now owns 6,717,202 shares of the company’s stock worth $225,228,000 after purchasing an additional 764,699 shares during the last quarter. Geode Capital Management LLC lifted its holdings in MGM Resorts International by 0.9% during the 1st quarter. Geode Capital Management LLC now owns 6,484,714 shares of the company’s stock worth $287,398,000 after purchasing an additional 60,969 shares during the last quarter. Finally, Norges Bank acquired a new stake in MGM Resorts International during the 4th quarter worth approximately $165,932,000. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Up 0.9 %

Shares of MGM opened at $42.42 on Friday. The company has a market capitalization of $13.45 billion, a PE ratio of 13.38, a PEG ratio of 1.73 and a beta of 2.19. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $51.35. The stock’s 50-day moving average price is $43.91 and its two-hundred day moving average price is $41.90. The company has a current ratio of 1.57, a quick ratio of 1.53 and a debt-to-equity ratio of 1.46.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.39. The company had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.14 billion. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. The firm’s revenue was up 21.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.69 EPS. On average, analysts anticipate that MGM Resorts International will post 2.46 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on MGM. Mizuho began coverage on MGM Resorts International in a research note on Tuesday, March 26th. They set a “buy” rating and a $61.00 price objective on the stock. JMP Securities restated a “market outperform” rating and set a $57.00 price objective on shares of MGM Resorts International in a research note on Wednesday, February 14th. Morgan Stanley raised their price objective on MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. TheStreet upgraded MGM Resorts International from a “c+” rating to a “b-” rating in a research note on Tuesday, February 13th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on MGM Resorts International from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus target price of $55.34.

Insider Activity

In other news, Director Keith A. Meister sold 325,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total value of $13,942,500.00. Following the transaction, the director now directly owns 6,098,778 shares of the company’s stock, valued at approximately $261,637,576.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.13% of the stock is owned by company 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.