14,481 Shares in MGM Resorts International (NYSE:MGM) Acquired by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC bought a new stake in shares of MGM Resorts International (NYSE:MGM) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 14,481 shares of the company’s stock, valued at approximately $429,000.

A number of other institutional investors also recently modified their holdings of MGM. Assetmark Inc. boosted its stake in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after buying an additional 411 shares during the period. Mascagni Wealth Management Inc. acquired a new stake in shares of MGM Resorts International during the 4th quarter valued at $28,000. True Wealth Design LLC acquired a new stake in shares of MGM Resorts International during the 4th quarter valued at $33,000. Global Retirement Partners LLC lifted its stake in shares of MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after purchasing an additional 404 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in shares of MGM Resorts International by 91.0% in the 1st quarter. UMB Bank n.a. now owns 1,616 shares of the company’s stock valued at $48,000 after purchasing an additional 770 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insiders Place Their Bets

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the transaction, the chief operating officer now owns 281,530 shares of the company’s stock, valued at $9,693,077.90. The trade was a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM opened at $33.13 on Friday. The firm has a 50-day moving average of $31.38 and a 200-day moving average of $33.12. MGM Resorts International has a one year low of $25.30 and a one year high of $47.26. The company has a market cap of $9.02 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 0.98 and a beta of 1.76. 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 (NYSE:MGM) last announced its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. MGM Resorts International’s revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.74 EPS. As a group, equities analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International announced that its board has authorized a share buyback program on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 22.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MGM. Barclays lifted their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. Truist Financial reduced their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Mizuho lifted their target price on shares of MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, February 13th. Wedbush reissued an “outperform” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, Needham & Company LLC reissued a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average target price of $48.94.

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.