New Age Alpha Advisors LLC Lowers Position in MGM Resorts International (NYSE:MGM)

New Age Alpha Advisors LLC lessened its position in MGM Resorts International (NYSE:MGM) by 8.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 117,905 shares of the company’s stock after selling 10,418 shares during the quarter. New Age Alpha Advisors LLC’s holdings in MGM Resorts International were worth $3,495,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in MGM. American Century Companies Inc. lifted its stake in shares of MGM Resorts International by 1.9% in the 4th quarter. American Century Companies Inc. now owns 38,941 shares of the company’s stock valued at $1,349,000 after purchasing an additional 708 shares during the period. Prudential PLC bought a new position in MGM Resorts International during the 4th quarter valued at approximately $436,000. Wells Fargo & Company MN increased its position in MGM Resorts International by 11.6% during the 4th quarter. Wells Fargo & Company MN now owns 1,910,828 shares of the company’s stock valued at $66,210,000 after buying an additional 198,449 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new position in MGM Resorts International during the 4th quarter valued at approximately $2,362,000. Finally, Aviva PLC increased its position in MGM Resorts International by 1,243.5% during the 4th quarter. Aviva PLC now owns 137,912 shares of the company’s stock valued at $4,779,000 after buying an additional 127,647 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Activity at MGM Resorts International

In related 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 filing with the SEC, which is available through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the transaction, the chief operating officer owned 281,530 shares in the company, valued at $9,693,077.90. This trade represents a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,261 shares of company stock worth $3,486,367. Corporate insiders own 3.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Citigroup raised MGM Resorts International from a “hold” rating to a “strong-buy” rating and raised their price objective for the company from $55.00 to $57.00 in a research report on Wednesday, July 9th. Seaport Res Ptn lowered MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 21st. Citizens Jmp lowered MGM Resorts International from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 26th. Mizuho reduced their price objective on MGM Resorts International from $59.00 to $58.00 and set an “outperform” rating for the company in a research report on Thursday, July 31st. Finally, Truist Financial raised their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, July 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and an average target price of $48.56.

MGM Resorts International Stock Performance

Shares of MGM opened at $34.96 on Wednesday. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. MGM Resorts International has a one year low of $25.30 and a one year high of $42.53. The firm has a market capitalization of $9.52 billion, a P/E ratio of 19.21, a PEG ratio of 2.09 and a beta of 1.81. The business has a fifty day moving average of $35.27 and a 200 day moving average of $33.43.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same quarter in the previous year, the company posted $0.86 earnings per share. MGM Resorts International’s revenue was up 1.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International declared that its Board of Directors has approved a stock buyback plan on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 22.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership 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.