Opal Wealth Advisors LLC Buys Shares of 3,018 MGM Resorts International (NYSE:MGM)

Opal Wealth Advisors LLC acquired a new position in MGM Resorts International (NYSE:MGM) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 3,018 shares of the company’s stock, valued at approximately $89,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. ArrowMark Colorado Holdings LLC raised its stake in shares of MGM Resorts International by 42.8% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company’s stock worth $32,473,000 after buying an additional 280,700 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of MGM Resorts International by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock worth $79,110,000 after buying an additional 38,749 shares in the last quarter. Korea Investment CORP raised its stake in shares of MGM Resorts International by 964.3% in the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company’s stock worth $5,034,000 after buying an additional 131,636 shares in the last quarter. ACR Alpine Capital Research LLC raised its stake in shares of MGM Resorts International by 23.3% in the 4th quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company’s stock worth $5,613,000 after buying an additional 30,605 shares in the last quarter. Finally, Davis Selected Advisers raised its stake in shares of MGM Resorts International by 4.6% in the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock worth $690,253,000 after buying an additional 882,417 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Macquarie dropped their price objective on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Stifel Nicolaus cut their target price on MGM Resorts International from $50.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Susquehanna boosted their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a research report on Thursday, May 1st. JMP Securities cut their target price on MGM Resorts International from $50.00 to $45.00 and set a “market outperform” rating on the stock in a research report on Thursday, April 17th. Finally, Barclays boosted their target price on MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a research report on Thursday, May 1st. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price of $48.94.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of the company’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director now owns 5,627,478 shares in the company, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock worth $3,486,367 over the last 90 days. 3.06% of the stock is currently owned by corporate insiders.

MGM Resorts International Stock Performance

Shares of NYSE MGM opened at $31.68 on Monday. The business’s 50-day moving average price is $31.50 and its two-hundred day moving average price is $33.02. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. MGM Resorts International has a one year low of $25.30 and a one year high of $47.26. The company has a market capitalization of $8.62 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 0.98 and a beta of 1.76.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the previous year, the company posted $0.74 earnings per share. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. Analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its board has initiated a stock repurchase program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 22.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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.