NEOS Investment Management LLC Increases Holdings in MGM Resorts International (NYSE:MGM)

NEOS Investment Management LLC lifted its holdings in shares of MGM Resorts International (NYSE:MGM) by 29.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,232 shares of the company’s stock after purchasing an additional 3,732 shares during the period. NEOS Investment Management LLC’s holdings in MGM Resorts International were worth $562,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MGM. UniSuper Management Pty Ltd raised its position in MGM Resorts International by 13.7% in the fourth quarter. UniSuper Management Pty Ltd now owns 48,696 shares of the company’s stock worth $1,687,000 after acquiring an additional 5,864 shares during the period. Korea Investment CORP raised its holdings 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 purchasing an additional 131,636 shares during the period. Banco BTG Pactual S.A. purchased a new position in MGM Resorts International in the fourth quarter valued at approximately $599,000. Signature Estate & Investment Advisors LLC bought a new position in MGM Resorts International during the fourth quarter valued at $275,000. Finally, American Century Companies Inc. increased its position in MGM Resorts International by 1.9% in the fourth quarter. American Century Companies Inc. now owns 38,941 shares of the company’s stock worth $1,349,000 after buying an additional 708 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on MGM shares. Citigroup upped their price target on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Jefferies Financial Group cut their target price on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, January 3rd. BTIG Research lowered shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research report on Monday, February 3rd. Leerink Partners downgraded shares of MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Finally, Barclays reissued an “equal weight” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.29.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $30.35 on Monday. MGM Resorts International has a fifty-two week low of $29.99 and a fifty-two week high of $48.25. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The stock has a market cap of $8.67 billion, a P/E ratio of 12.64, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. The firm’s fifty day moving average price is $33.90 and its 200-day moving average price is $35.94.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. On average, equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the transaction, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the stock in a transaction dated Thursday, March 6th. The stock was acquired at an average price of $32.17 per share, with a total value of $321,700.00. Following the completion of the acquisition, the chief financial officer now owns 75,648 shares in the company, valued at approximately $2,433,596.16. The trade was a 15.23 % increase in their position. The disclosure for this purchase can be found here. 2.13% of the stock is currently owned by insiders.

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.