New Wave Wealth Advisors LLC Takes $79,000 Position in MGM Resorts International (NYSE:MGM)

New Wave Wealth Advisors LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 2,272 shares of the company’s stock, valued at approximately $79,000.

Other institutional investors have also made changes to their positions in the company. HG Vora Capital Management LLC purchased a new stake in MGM Resorts International in the 3rd quarter worth approximately $97,725,000. Goldentree Asset Management LP boosted its position in MGM Resorts International by 86.4% during the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after purchasing an additional 1,390,599 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in MGM Resorts International during the third quarter valued at $17,622,000. ArrowMark Colorado Holdings LLC increased its position in MGM Resorts International by 207.5% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 656,475 shares of the company’s stock worth $25,662,000 after purchasing an additional 442,975 shares during the last quarter. Finally, KBC Group NV raised its stake in shares of MGM Resorts International by 3,041.1% during the 4th quarter. KBC Group NV now owns 388,047 shares of the company’s stock worth $13,446,000 after purchasing an additional 375,693 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Truist Financial lowered their price target on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Mizuho decreased their target price on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. JMP Securities restated a “market outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a report on Thursday, January 16th. Morgan Stanley upped their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Finally, Jefferies Financial Group cut their target price on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, January 3rd. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $51.93.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares of the company’s stock, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.13% of the company’s stock.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $34.49 on Friday. The company has a market cap of $10.27 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 2.89 and a beta of 2.21. The business has a 50 day moving average price of $34.80 and a 200 day moving average price of $37.40. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. MGM Resorts International has a twelve month low of $31.61 and a twelve month high of $48.24.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.64 earnings per share. Research analysts predict that MGM Resorts International will post 2.37 earnings per share for the current year.

MGM Resorts International Company 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.