First Trust Advisors LP Acquires 100,631 Shares of MGM Resorts International (NYSE:MGM)

First Trust Advisors LP raised its holdings in MGM Resorts International (NYSE:MGM – Get Rating) by 17.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 668,635 shares of the company’s stock after acquiring an additional 100,631 shares during the period. First Trust Advisors LP owned about 0.17% of MGM Resorts International worth $22,416,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MGM. Brinker Capital Investments LLC grew its holdings in shares of MGM Resorts International by 5.4% during the third quarter. Brinker Capital Investments LLC now owns 8,973 shares of the company’s stock worth $267,000 after purchasing an additional 458 shares during the last quarter. Strategic Wealth Advisors Group LLC grew its holdings in shares of MGM Resorts International by 1.8% during the third quarter. Strategic Wealth Advisors Group LLC now owns 26,884 shares of the company’s stock worth $799,000 after purchasing an additional 464 shares during the last quarter. Westpac Banking Corp grew its holdings in shares of MGM Resorts International by 1.3% during the fourth quarter. Westpac Banking Corp now owns 37,313 shares of the company’s stock worth $1,251,000 after purchasing an additional 469 shares during the last quarter. CIBC Asset Management Inc grew its holdings in shares of MGM Resorts International by 1.1% during the third quarter. CIBC Asset Management Inc now owns 45,632 shares of the company’s stock worth $1,356,000 after purchasing an additional 495 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of MGM Resorts International by 3.9% during the first quarter. NewEdge Advisors LLC now owns 14,957 shares of the company’s stock worth $627,000 after purchasing an additional 562 shares during the last quarter. Institutional investors own 82.77% of the company’s stock.

Insider Transactions at MGM Resorts International

In other news, Director Rose Mckinney-James sold 2,870 shares of the company’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $43.23, for a total transaction of $124,070.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Rose Mckinney-James sold 2,870 shares of the company’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $43.23, for a total transaction of $124,070.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Corey Ian Sanders sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $44.42, for a total value of $2,221,000.00. Following the transaction, the chief operating officer now directly owns 161,632 shares in the company, valued at $7,179,693.44. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MGM. StockNews.com began coverage on MGM Resorts International in a report on Thursday. They set a “buy” rating on the stock. Truist Financial upped their target price on MGM Resorts International from $57.00 to $58.00 in a report on Tuesday, May 2nd. Deutsche Bank Aktiengesellschaft upped their target price on MGM Resorts International from $53.00 to $58.00 in a report on Wednesday, May 3rd. Morgan Stanley upped their target price on MGM Resorts International from $40.00 to $43.00 and gave the company an “equal weight” rating in a report on Wednesday, February 1st. Finally, Wells Fargo & Company upped their target price on MGM Resorts International from $53.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday, January 25th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus price target of $56.13.

MGM Resorts International Price Performance

Shares of MGM opened at $42.48 on Friday. MGM Resorts International has a 52-week low of $26.41 and a 52-week high of $46.37. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.15 and a current ratio of 2.19. The business’s 50 day moving average price is $43.08 and its two-hundred day moving average price is $40.15. The firm has a market cap of $15.45 billion, a PE ratio of 9.08 and a beta of 2.06.

MGM Resorts International (NYSE:MGM – Get Rating) last issued its quarterly earnings results on Monday, May 1st. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.40. MGM Resorts International had a negative return on equity of 1.33% and a net margin of 13.84%. The firm had revenue of $3.90 billion for the quarter, compared to analyst estimates of $3.61 billion. During the same period in the previous year, the firm earned $0.01 earnings per share. The company’s revenue was up 36.6% compared to the same quarter last year. On average, equities analysts anticipate that MGM Resorts International will post 1.89 EPS for the current year.

MGM Resorts International announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 12.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

MGM Resorts International Profile

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MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.