Assenagon Asset Management S.A. Decreases Position in MGM Resorts International (NYSE:MGM)

Assenagon Asset Management S.A. cut its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 52.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 168,757 shares of the company's stock after selling 189,429 shares during the period. Assenagon Asset Management S.A. owned about 0.06% of MGM Resorts International worth $5,002,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of MGM. Empowered Funds LLC grew its holdings in shares of MGM Resorts International by 9.5% in the fourth quarter. Empowered Funds LLC now owns 23,651 shares of the company's stock valued at $820,000 after acquiring an additional 2,043 shares in the last quarter. Kestra Private Wealth Services LLC grew its stake in MGM Resorts International by 5.6% in the 4th quarter. Kestra Private Wealth Services LLC now owns 17,337 shares of the company's stock valued at $601,000 after purchasing an additional 916 shares during the period. V Square Quantitative Management LLC increased its position in shares of MGM Resorts International by 9.2% during the 4th quarter. V Square Quantitative Management LLC now owns 7,580 shares of the company's stock valued at $263,000 after purchasing an additional 641 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of MGM Resorts International in the 4th quarter worth about $363,000. Finally, CIBC Asset Management Inc increased its holdings in MGM Resorts International by 2.9% during the fourth quarter. CIBC Asset Management Inc now owns 37,394 shares of the company's stock worth $1,296,000 after buying an additional 1,044 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 weighed in on MGM shares. JMP Securities reduced their target price on shares of MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a research report on Thursday, April 17th. Susquehanna increased their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a report on Thursday, May 1st. Barclays boosted their target price on MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Macquarie cut their price target on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Finally, Wall Street Zen raised MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.94.

Insider Buying and Selling

In related news, Director Daniel J. Taylor sold 5,261 shares of the company's stock in a transaction on 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer now directly owns 281,530 shares of the company's stock, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,261 shares of company stock worth $3,486,367. Insiders own 3.06% of the company's stock.

MGM Resorts International Price Performance

Shares of MGM traded up $2.56 during mid-day trading on Monday, reaching $34.29. 9,080,637 shares of the stock traded hands, compared to its average volume of 4,868,021. The company has a market cap of $9.33 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 0.98 and a beta of 1.76. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26. The firm has a fifty day moving average price of $31.50 and a 200 day moving average price of $33.02. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted 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 analysts' expectations of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The firm's revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.74 earnings per share. As a group, equities research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its Board of Directors has approved a share repurchase plan 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 stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

About MGM Resorts International

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.