American Assets Investment Management LLC lifted its stake in MGM Resorts International (NYSE:MGM - Free Report) by 391.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 155,067 shares of the company's stock after purchasing an additional 123,502 shares during the quarter. MGM Resorts International comprises approximately 1.9% of American Assets Investment Management LLC's holdings, making the stock its 18th largest position. American Assets Investment Management LLC owned 0.06% of MGM Resorts International worth $4,596,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in MGM Resorts International by 2.9% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 19,484 shares of the company's stock valued at $578,000 after buying an additional 540 shares during the last quarter. Bayforest Capital Ltd bought a new position in MGM Resorts International in the 1st quarter worth $43,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in MGM Resorts International by 13.4% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,873 shares of the company's stock worth $1,834,000 after buying an additional 7,292 shares during the period. Empirical Finance LLC boosted its holdings in shares of MGM Resorts International by 5.9% during the 1st quarter. Empirical Finance LLC now owns 10,847 shares of the company's stock valued at $322,000 after purchasing an additional 608 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in shares of MGM Resorts International by 5.5% during the 1st quarter. Cetera Investment Advisers now owns 117,072 shares of the company's stock valued at $3,470,000 after purchasing an additional 6,116 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on MGM. The Goldman Sachs Group began coverage on shares of MGM Resorts International in a research report on Monday, July 7th. They set a "sell" rating and a $34.00 target price on the stock. JMP Securities reissued a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. JPMorgan Chase & Co. began coverage on shares of MGM Resorts International in a research report on Monday, June 23rd. They issued a "neutral" rating and a $38.00 price objective on the stock. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, UBS Group increased their price objective on shares of MGM Resorts International from $37.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.56.
View Our Latest Report on MGM
MGM Resorts International Stock Performance
Shares of NYSE:MGM traded down $0.70 on Friday, hitting $35.75. 7,649,796 shares of the company were exchanged, compared to its average volume of 4,643,809. The firm has a market capitalization of $9.73 billion, a P/E ratio of 19.64, a price-to-earnings-growth ratio of 2.36 and a beta of 1.81. The stock's 50 day moving average price is $35.13 and its 200 day moving average price is $33.39. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $42.53. The company has a current ratio of 1.22, a quick ratio of 1.26 and a debt-to-equity ratio of 1.67.
MGM Resorts International (NYSE:MGM - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.21. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The firm's quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.86 earnings per share. Sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current year.
MGM Resorts International announced that its board has approved a share repurchase program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.
Insider Buying and Selling at MGM Resorts International
In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction on Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the transaction, the director owned 5,627,478 shares of the company's stock, valued at approximately $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction 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 directly owned 281,530 shares of the company's stock, valued at $9,693,077.90. The trade was a 12.44% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,261 shares of company stock valued at $3,486,367. Corporate insiders own 3.06% of the company's stock.
MGM Resorts International Company Profile
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Free Report)
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.
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