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 the company in its most recent 13F filing 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 hedge funds have also made changes to their positions in MGM. Norges Bank acquired a new stake in MGM Resorts International during the 4th quarter valued at $88,033,000. NEOS Investment Management LLC lifted its stake in MGM Resorts International by 29.9% in the 4th quarter. NEOS Investment Management LLC now owns 16,232 shares of the company’s stock worth $562,000 after acquiring an additional 3,732 shares in the last quarter. UniSuper Management Pty Ltd boosted its position in MGM Resorts International by 13.7% during the 4th quarter. UniSuper Management Pty Ltd now owns 48,696 shares of the company’s stock worth $1,687,000 after acquiring an additional 5,864 shares during the period. Korea Investment CORP boosted its position in MGM Resorts International by 964.3% during the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company’s stock worth $5,034,000 after acquiring an additional 131,636 shares during the period. Finally, Banco BTG Pactual S.A. purchased a new position in MGM Resorts International during the 4th quarter valued at about $599,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Trading 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 company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The firm has a market capitalization of $8.67 billion, a PE ratio of 12.64, a PEG ratio of 0.98 and a beta of 2.18. The business’s 50-day simple moving average is $33.90 and its 200-day simple moving average is $35.93.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. Equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

Analysts Set New Price Targets

MGM has been the subject of a number of research analyst reports. Wedbush reissued an “outperform” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Mizuho lifted their target price on shares of MGM Resorts International from $56.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, February 13th. Morgan Stanley upped their price target on shares of MGM Resorts International from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Monday, February 24th. Stifel Nicolaus upped their target price on MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Finally, Macquarie reaffirmed an “outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Six 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 target price of $51.29.

Insider Activity at MGM Resorts International

In other news, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Jonathan S. Halkyard bought 10,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price of $32.17 per share, with a total value of $321,700.00. Following the purchase, the chief financial officer now owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This trade represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. Corporate 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.