NewEdge Advisors LLC Decreases Position in MGM Resorts International (NYSE:MGM)

NewEdge Advisors LLC decreased its position in MGM Resorts International (NYSE:MGM) by 23.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,472 shares of the company’s stock after selling 1,069 shares during the period. NewEdge Advisors LLC’s holdings in MGM Resorts International were worth $120,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of MGM. Assetmark Inc. increased its holdings in MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after acquiring an additional 411 shares during the last quarter. Global Trust Asset Management LLC bought a new stake in shares of MGM Resorts International during the 4th quarter valued at about $28,000. Global Retirement Partners LLC lifted its position in MGM Resorts International by 47.8% during the fourth 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. Modus Advisors LLC purchased a new position in MGM Resorts International in the 4th quarter worth approximately $46,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of MGM Resorts International in the 3rd quarter worth $55,000. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Price Performance

MGM opened at $31.96 on Friday. The stock’s 50 day moving average price is $30.81 and its 200-day moving average price is $34.33. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26. The stock has a market capitalization of $9.04 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 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 business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the prior year, the business earned $0.74 EPS. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities research analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its Board of Directors has approved a share repurchase program 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 shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MGM. Capital One Financial upped their target price on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Argus upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Friday, February 14th. Stifel Nicolaus decreased their price objective on MGM Resorts International from $50.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday. Mizuho upped their target price on MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, February 13th. Finally, Macquarie decreased their price target on shares of MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus target price of $48.94.

Insiders Place Their Bets

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the transaction, the chief accounting officer now owns 18,301 shares in the company, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were acquired 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 represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. 3.06% of the stock is currently owned by company insiders.

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.