Allstate Corp Makes New $223,000 Investment in MGM Resorts International (NYSE:MGM)

Allstate Corp acquired a new stake in MGM Resorts International (NYSE:MGM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 6,424 shares of the company’s stock, valued at approximately $223,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pictet Asset Management Holding SA increased its holdings in MGM Resorts International by 6.9% during the 4th quarter. Pictet Asset Management Holding SA now owns 105,765 shares of the company’s stock valued at $3,665,000 after purchasing an additional 6,847 shares during the period. Nomura Asset Management Co. Ltd. increased its stake in shares of MGM Resorts International by 1.2% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 73,758 shares of the company’s stock valued at $2,556,000 after buying an additional 909 shares during the period. New Age Alpha Advisors LLC purchased a new position in shares of MGM Resorts International during the fourth quarter valued at approximately $4,446,000. Norges Bank bought a new position in shares of MGM Resorts International during the fourth quarter valued at approximately $88,033,000. Finally, NEOS Investment Management LLC lifted its stake in MGM Resorts International by 29.9% in the fourth quarter. NEOS Investment Management LLC now owns 16,232 shares of the company’s stock worth $562,000 after acquiring an additional 3,732 shares during the period. 68.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on MGM shares. Susquehanna Bancshares upped their price objective on shares of MGM Resorts International from $53.00 to $56.00 in a report on Wednesday, February 12th. Morgan Stanley increased their price target on shares of MGM Resorts International from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Monday, February 24th. Needham & Company LLC reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Canaccord Genuity Group reissued a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, Wedbush restated an “outperform” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Six analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.29.

Insider Buying and Selling at MGM Resorts International

In related news, CFO Jonathan S. Halkyard acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the purchase, the chief financial officer now owns 75,648 shares in the company, valued at $2,433,596.16. The trade was a 15.23 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Todd Meinert sold 6,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the sale, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

MGM Resorts International Stock Performance

Shares of MGM opened at $30.80 on Thursday. MGM Resorts International has a one year low of $28.63 and a one year high of $47.45. The business has a fifty day moving average of $33.73 and a 200 day moving average of $35.82. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. The firm has a market capitalization of $8.79 billion, a P/E ratio of 12.83, a PEG ratio of 0.98 and a beta of 2.18.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) 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%. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

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.