Opal Wealth Advisors LLC Invests $89,000 in MGM Resorts International (NYSE:MGM)

Opal Wealth Advisors LLC bought a new stake in shares of MGM Resorts International (NYSE:MGM) in the 1st quarter, HoldingsChannel.com reports. The institutional investor bought 3,018 shares of the company’s stock, valued at approximately $89,000.

Several other hedge funds have also recently added to or reduced their stakes in MGM. Norges Bank bought a new stake in MGM Resorts International during the 4th quarter valued at approximately $88,033,000. Eminence Capital LP bought a new stake in MGM Resorts International during the 4th quarter valued at approximately $72,408,000. AQR Capital Management LLC boosted its stake in MGM Resorts International by 12,726.8% during the 4th quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company’s stock valued at $44,316,000 after purchasing an additional 1,268,994 shares during the period. Marshall Wace LLP boosted its stake in MGM Resorts International by 50.9% during the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock valued at $112,048,000 after purchasing an additional 1,090,533 shares during the period. Finally, Invesco Ltd. boosted its stake in MGM Resorts International by 22.5% during the 4th quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock valued at $200,462,000 after purchasing an additional 1,063,707 shares during the period. Institutional investors own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the subject of several recent analyst reports. Stifel Nicolaus decreased their target price on MGM Resorts International from $50.00 to $44.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Wall Street Zen raised MGM Resorts International from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Susquehanna upped their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a report on Thursday, May 1st. Truist Financial cut their price target on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Finally, Barclays upped their price target on MGM Resorts International from $41.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.94.

MGM Resorts International Trading Down 4.4%

Shares of MGM opened at $31.68 on Monday. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The stock has a 50 day simple moving average of $31.50 and a 200-day simple moving average of $33.02. The stock has a market cap of $8.62 billion, a PE ratio of 13.20, a PEG ratio of 0.98 and a beta of 1.76.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share 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 during the quarter, compared to analysts’ expectations of $4.29 billion. During the same period last year, the firm posted $0.74 EPS. The business’s revenue was down 2.4% on a year-over-year basis. On average, sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its Board of Directors has approved a share buyback plan on Wednesday, April 30th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 22.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of the firm’s stock in a transaction on 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 directly owns 5,627,478 shares of the company’s stock, valued at $180,585,769.02. This trade represents a 1.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were 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 sold 105,261 shares of company stock valued at $3,486,367 in the last three months. Corporate insiders own 3.06% of the company’s stock.

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.