New Age Alpha Advisors LLC Invests $4.45 Million in MGM Resorts International (NYSE:MGM)

New Age Alpha Advisors LLC purchased a new stake in shares of MGM Resorts International (NYSE:MGM) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 128,323 shares of the company’s stock, valued at approximately $4,446,000.

Several other institutional investors also recently bought and sold shares of the business. Norges Bank purchased a new stake in MGM Resorts International during the 4th quarter worth $88,033,000. HG Vora Capital Management LLC purchased a new stake in shares of MGM Resorts International in the third quarter worth about $97,725,000. Goldentree Asset Management LP raised its stake in shares of MGM Resorts International by 86.4% during the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after purchasing an additional 1,390,599 shares during the period. Davis Selected Advisers lifted its position in shares of MGM Resorts International by 4.6% during the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock worth $690,253,000 after purchasing an additional 882,417 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of MGM Resorts International in the fourth quarter valued at $20,053,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MGM. Argus raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Friday, February 14th. Mizuho lifted their price objective on MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, February 13th. Jefferies Financial Group reduced their target price on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, January 3rd. Macquarie reissued an “outperform” rating and issued a $50.00 target price on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a research report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and a consensus price target of $51.29.

MGM Resorts International Stock Down 4.0 %

MGM Resorts International stock opened at $30.35 on Friday. MGM Resorts International has a 52 week low of $29.99 and a 52 week high of $48.25. The stock has a market cap of $8.67 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 0.98 and a beta of 2.18. The company’s 50-day moving average price is $33.90 and its two-hundred day moving average price is $35.93. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. On average, analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the transaction, the chief accounting officer now owns 18,301 shares in the company, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the acquisition, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.13% of the company’s stock.

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.