AlphaQuest LLC Grows Stock Holdings in MGM Resorts International (NYSE:MGM)

AlphaQuest LLC increased its stake in shares of MGM Resorts International (NYSE:MGM) by 1,399.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,033 shares of the company’s stock after buying an additional 27,097 shares during the period. AlphaQuest LLC’s holdings in MGM Resorts International were worth $1,006,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in MGM. Janney Montgomery Scott LLC boosted its holdings in MGM Resorts International by 4.8% during the third quarter. Janney Montgomery Scott LLC now owns 71,021 shares of the company’s stock worth $2,776,000 after buying an additional 3,285 shares in the last quarter. Atria Investments Inc boosted its holdings in MGM Resorts International by 3.6% during the third quarter. Atria Investments Inc now owns 37,238 shares of the company’s stock worth $1,456,000 after buying an additional 1,300 shares in the last quarter. Consolidated Investment Group LLC boosted its holdings in MGM Resorts International by 7.7% during the third quarter. Consolidated Investment Group LLC now owns 213,073 shares of the company’s stock worth $8,329,000 after buying an additional 15,300 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in MGM Resorts International by 52.7% during the third quarter. Venturi Wealth Management LLC now owns 3,754 shares of the company’s stock worth $147,000 after buying an additional 1,295 shares in the last quarter. Finally, Apollon Wealth Management LLC lifted its holdings in shares of MGM Resorts International by 6.6% in the third quarter. Apollon Wealth Management LLC now owns 10,997 shares of the company’s stock valued at $430,000 after purchasing an additional 681 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MGM. Citigroup upped their price target on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Canaccord Genuity Group reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Capital One Financial upped their price target on shares of MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Macquarie reaffirmed an “outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Truist Financial reduced their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average target price of $51.29.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $31.86 on Tuesday. MGM Resorts International has a one year low of $30.69 and a one year high of $48.24. 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 company has a 50 day moving average price of $34.40 and a 200 day moving average price of $36.48. The firm has a market capitalization of $9.10 billion, a price-to-earnings ratio of 13.27, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18.

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 net margin of 4.33% and a return on equity of 21.08%. Sell-side analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 51,000 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the sale, the director now owns 5,687,478 shares of the company’s stock, valued at $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, with a total value of $321,700.00. Following the transaction, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at approximately $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company 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.