Financial Advocates Investment Management Purchases Shares of 4,720 MGM Resorts International (NYSE:MGM)

Financial Advocates Investment Management purchased a new stake in MGM Resorts International (NYSE:MGM) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 4,720 shares of the company’s stock, valued at approximately $211,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Davis Selected Advisers acquired a new stake in MGM Resorts International in the 3rd quarter valued at $361,915,000. Boston Partners increased its stake in shares of MGM Resorts International by 36.3% during the 4th quarter. Boston Partners now owns 5,427,254 shares of the company’s stock worth $242,002,000 after purchasing an additional 1,446,362 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of MGM Resorts International by 4.9% during the 4th quarter. Fisher Asset Management LLC now owns 4,346,250 shares of the company’s stock worth $194,190,000 after purchasing an additional 202,434 shares during the last quarter. Invesco Ltd. increased its stake in shares of MGM Resorts International by 14.6% during the 3rd quarter. Invesco Ltd. now owns 3,940,156 shares of the company’s stock worth $144,840,000 after purchasing an additional 500,566 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of MGM Resorts International by 4.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,527,893 shares of the company’s stock worth $92,923,000 after purchasing an additional 106,158 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total value of $13,942,500.00. Following the completion of the transaction, the director now directly owns 6,098,778 shares in the company, valued at approximately $261,637,576.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Alexis Herman sold 4,344 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith A. Meister sold 325,000 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the sale, the director now owns 6,098,778 shares of the company’s stock, valued at $261,637,576.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 333,688 shares of company stock worth $14,300,967. 2.13% of the stock is currently owned by company insiders.

MGM Resorts International Price Performance

MGM stock opened at $40.20 on Thursday. The company has a 50 day simple moving average of $43.12 and a 200 day simple moving average of $42.76. The stock has a market cap of $12.61 billion, a price-to-earnings ratio of 15.46, a P/E/G ratio of 0.90 and a beta of 2.22. MGM Resorts International has a 1 year low of $34.12 and a 1 year high of $51.35. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.46.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.18. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The business had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the company earned $0.44 EPS. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. Research analysts anticipate that MGM Resorts International will post 2.9 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MGM shares. TheStreet upgraded shares of MGM Resorts International from a “c+” rating to a “b-” rating in a research note on Tuesday, February 13th. Susquehanna raised shares of MGM Resorts International from a “neutral” rating to a “positive” rating and boosted their price objective for the company from $46.00 to $54.00 in a report on Thursday, May 2nd. Mizuho boosted their price objective on shares of MGM Resorts International from $61.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Bank Of America (Bofa) boosted their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Finally, Macquarie reissued an “outperform” rating and issued a $58.00 price objective on shares of MGM Resorts International in a report on Wednesday, February 14th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.83.

MGM Resorts International 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.