Assenagon Asset Management S.A. Has $1.78 Million Stake in MGM Resorts International $MGM

Key Points

• Assenagon Asset Management cut its MGM Resorts stake by 82.7% in the second quarter, selling 177,726 shares and retaining 37,188 shares worth approximately $1.78 million. Institutional investors and hedge funds collectively own 68.11% of MGM.
• Analysts remain generally positive, with MGM receiving a consensus “Moderate Buy” rating and an average price target of $52.49, compared with a recent share price of $44.03.
• MGM exceeded quarterly expectations, reporting adjusted EPS of $0.59 versus the $0.56 consensus and revenue of $4.45 billion, up 2.2% year over year.

Assenagon Asset Management S.A. cut its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 82.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,188 shares of the company's stock after selling 177,726 shares during the quarter. Assenagon Asset Management S.A.'s holdings in MGM Resorts International were worth $1,778,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International during the 2nd quarter worth $25,000. Global Retirement Partners LLC raised its stake in MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock valued at $29,000 after purchasing an additional 281 shares in the last quarter. International Assets Investment Management LLC bought a new stake in MGM Resorts International during the first quarter worth about $30,000. Optiver Holding B.V. bought a new stake in MGM Resorts International during the first quarter worth about $35,000. Finally, Elyxium Wealth LLC acquired a new stake in MGM Resorts International during the fourth quarter worth about $42,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 3.38% of the company's stock.

Wall Street Analysts Forecast Growth

MGM has been the topic of several analyst reports. KeyCorp upgraded shares of MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 price target on the stock in a research report on Monday, April 27th. Weiss Ratings upgraded MGM Resorts International from a "sell (d+)" rating to a "hold (c)" rating in a research note on Thursday, July 30th. Truist Financial raised MGM Resorts International from a "hold" rating to a "buy" rating and raised their target price for the company from $42.00 to $55.00 in a report on Wednesday, May 27th. Wells Fargo & Company upgraded MGM Resorts International from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $33.00 to $48.30 in a research note on Tuesday, July 7th. Finally, UBS Group set a $48.00 price target on MGM Resorts International in a report on Thursday, July 2nd. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of "Moderate Buy" and an average target price of $52.49.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $44.03 on Friday. The firm's 50-day moving average price is $46.37 and its 200-day moving average price is $40.67. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59. The firm has a market capitalization of $11.08 billion, a P/E ratio of 26.69 and a beta of 1.31. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.56 by $0.03. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. During the same period last year, the business posted $0.79 EPS. The firm's revenue for the quarter was up 2.2% compared to the same quarter last year. Equities research analysts anticipate that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

Want to see what other hedge funds are holding MGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGM Resorts International (NYSE:MGM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source