MGM Resorts International (NYSE:MGM) Position Lifted by AlphaQuest LLC

AlphaQuest LLC raised its stake in shares of MGM Resorts International (NYSE:MGM) by 1,399.6% during the fourth quarter, HoldingsChannel reports. The fund owned 29,033 shares of the company’s stock after acquiring an additional 27,097 shares during the quarter. AlphaQuest LLC’s holdings in MGM Resorts International were worth $1,006,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in MGM Resorts International by 0.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,200 shares of the company’s stock valued at $2,080,000 after acquiring an additional 309 shares during the last quarter. Ballentine Partners LLC increased its holdings in shares of MGM Resorts International by 5.4% in the 4th quarter. Ballentine Partners LLC now owns 6,553 shares of the company’s stock worth $227,000 after acquiring an additional 333 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its holdings in shares of MGM Resorts International by 1.7% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company’s stock worth $684,000 after acquiring an additional 333 shares during the period. Global Retirement Partners LLC increased its stake in MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after buying an additional 404 shares during the period. Finally, Assetmark Inc. increased its stake in MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after buying an additional 411 shares during the period. 68.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MGM has been the topic of several research analyst reports. Macquarie reissued an “outperform” rating and set a $50.00 target price on shares of MGM Resorts International in a research note on Thursday, February 13th. Jefferies Financial Group cut their price objective on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, January 3rd. Barclays reiterated an “equal weight” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Wells Fargo & Company increased their price objective on MGM Resorts International from $44.00 to $46.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, Wedbush reiterated an “outperform” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Six analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.29.

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 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 directly owns 18,301 shares of the company’s stock, valued at $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the transaction, the chief financial officer now owns 75,648 shares of the company’s stock, valued at $2,433,596.16. The trade was a 15.23 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Trading Down 0.5 %

MGM Resorts International stock opened at $31.86 on Tuesday. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. The company has a market capitalization of $9.10 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 0.98 and a beta of 2.18. MGM Resorts International has a one year low of $30.69 and a one year high of $48.24. The company’s fifty day moving average price is $34.40 and its two-hundred day moving average price is $36.48.

MGM Resorts International (NYSE:MGM) last posted its 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 net margin of 4.33% and a return on equity of 21.08%. On average, analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

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.