Assenagon Asset Management S.A. Sells 75,859 Shares of MGM Resorts International $MGM

Key Points

• Assenagon Asset Management S.A. reduced its stake in MGM Resorts International by 45% during the 2nd quarter, bringing its holdings down to 92,898 shares worth approximately $3.2 million.
• Despite a recent sale of shares by insiders, including a transaction where John Mcmanus sold 60,000 shares, hedge funds and institutional investors still own 68.11% of MGM's stock.
• MGM Resorts International's stock has experienced a 0.8% decline, with a current trading price of $34.50 and a market capitalization of $9.39 billion.

Assenagon Asset Management S.A. lowered its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 45.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 92,898 shares of the company's stock after selling 75,859 shares during the period. Assenagon Asset Management S.A.'s holdings in MGM Resorts International were worth $3,195,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Mascagni Wealth Management Inc. purchased a new stake in MGM Resorts International during the 4th quarter worth about $28,000. Golden State Wealth Management LLC increased its position in shares of MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after buying an additional 455 shares during the period. CX Institutional purchased a new stake in shares of MGM Resorts International in the first quarter worth about $36,000. Bayforest Capital Ltd bought a new position in shares of MGM Resorts International in the first quarter valued at approximately $43,000. Finally, MassMutual Private Wealth & Trust FSB grew its stake in MGM Resorts International by 66.9% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company's stock valued at $45,000 after acquiring an additional 529 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Stock Down 0.8%

Shares of NYSE MGM opened at $34.50 on Thursday. The stock has a market capitalization of $9.39 billion, a P/E ratio of 18.95, a PEG ratio of 1.47 and a beta of 1.69. MGM Resorts International has a one year low of $25.30 and a one year high of $42.53. The firm's 50 day simple moving average is $36.66 and its two-hundred day simple moving average is $33.83. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations 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 revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.86 EPS. As a group, analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Seaport Res Ptn cut shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 21st. JPMorgan Chase & Co. started coverage on 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. Barclays lifted their price objective on MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Stifel Nicolaus upped their target price on MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Finally, Susquehanna lifted their price target on MGM Resorts International from $50.00 to $60.00 and gave the company a "positive" rating in a research report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, MGM Resorts International presently has a consensus rating of "Moderate Buy" and an average price target of $48.56.

Insider Activity

In other news, insider John Mcmanus sold 60,000 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the sale, the insider owned 31,521 shares of the company's stock, valued at approximately $1,138,538.52. The trade was a 65.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Keith A. Meister sold 242,000 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the transaction, the director owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. The trade was a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by insiders.

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.

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