NorthCrest Asset Manangement LLC Takes $491,000 Position in MGM Resorts International $MGM

NorthCrest Asset Manangement LLC bought a new position in MGM Resorts International (NYSE:MGM) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 14,839 shares of the company’s stock, valued at approximately $491,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Helikon Investments Ltd increased its stake in MGM Resorts International by 379.9% in the 2nd quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after purchasing an additional 6,974,347 shares in the last quarter. Davis Selected Advisers boosted its holdings in shares of MGM Resorts International by 14.4% in the second quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock worth $819,208,000 after buying an additional 3,006,052 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of MGM Resorts International by 119.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 4,212,114 shares of the company’s stock worth $144,855,000 after buying an additional 2,293,797 shares during the period. Norges Bank purchased a new position in shares of MGM Resorts International in the second quarter worth approximately $60,570,000. Finally, Goldentree Asset Management LP raised its holdings in shares of MGM Resorts International by 20.7% during the second quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock valued at $185,778,000 after acquiring an additional 924,810 shares during the period. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $34.41 on Friday. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $41.32. The stock’s 50-day moving average is $35.25 and its two-hundred day moving average is $35.27. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.23 and a quick ratio of 1.19. The firm has a market cap of $9.41 billion, a P/E ratio of 215.06, a PEG ratio of 2.65 and a beta of 1.46.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.13). The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.54 EPS. Analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Iac Inc. purchased 1,098,748 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was bought at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the purchase, the insider owned 65,822,350 shares in the company, valued at $2,389,351,305. The trade was a 1.70% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 3.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of MGM Resorts International in a research report on Monday, December 29th. Capital One Financial lowered their price target on MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Texas Capital raised MGM Resorts International to a “strong-buy” rating in a research note on Thursday, January 8th. Argus decreased their price objective on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, November 14th. Finally, Mizuho set a $62.00 target price on MGM Resorts International in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, MGM Resorts International currently has a consensus rating of “Hold” and an average price target of $44.68.

MGM Resorts International Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.