Neo Ivy Capital Management Takes Position in MGM Resorts International (NYSE:MGM)

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

Other institutional investors have also modified their holdings of the company. Assetmark Inc. boosted its holdings in shares of MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after buying an additional 411 shares in the last quarter. Global Trust Asset Management LLC bought a new stake in shares of MGM Resorts International in the 4th quarter valued at about $28,000. True Wealth Design LLC bought a new stake in shares of MGM Resorts International in the 4th quarter valued at about $33,000. Global Retirement Partners LLC raised its position in shares of MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after purchasing an additional 404 shares during the last quarter. Finally, Quarry LP raised its position in shares of MGM Resorts International by 750.6% in the 4th quarter. Quarry LP now owns 1,446 shares of the company’s stock valued at $50,000 after purchasing an additional 1,276 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MGM has been the subject of a number of recent research reports. Wells Fargo & Company raised their price target on shares of MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Wedbush reaffirmed an “outperform” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Argus raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Friday, February 14th. Truist Financial dropped their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Finally, Wall Street Zen raised shares of MGM Resorts International from a “sell” rating to a “hold” rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.94.

Insider Transactions at MGM Resorts International

In other news, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of MGM Resorts International stock in a transaction dated Thursday, March 6th. The shares were bought at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the acquisition, the chief financial officer now owns 75,648 shares in the company, valued at approximately $2,433,596.16. This trade represents a 15.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 3.06% of the company’s stock.

MGM Resorts International Trading Down 0.1%

Shares of MGM opened at $31.35 on Friday. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26. 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 firm’s fifty day moving average is $30.94 and its two-hundred day moving average is $33.67. The stock has a market cap of $8.53 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (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 company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.29 billion. During the same quarter in the previous year, the company posted $0.74 EPS. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. Research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

MGM Resorts International 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.