Empower Advisory Group LLC Buys 178,303 Shares of MGM Resorts International (NYSE:MGM)

Key Points

• Empower Advisory Group LLC increased its stake in MGM Resorts International by 13.1%, owning approximately 1.54 million shares valued at $45.7 million as of the latest SEC filing.
• Several significant institutional investors, including Eminence Capital and AQR Capital Management, have made substantial purchases or increases in their positions regarding MGM, indicating increased investor interest.
• MGM Resorts has announced a $2 billion share repurchase program, signaling that the company's leadership believes its shares are undervalued.

Empower Advisory Group LLC grew its position in MGM Resorts International (NYSE:MGM - Free Report) by 13.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,541,516 shares of the company's stock after purchasing an additional 178,303 shares during the period. Empower Advisory Group LLC owned about 0.57% of MGM Resorts International worth $45,691,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MGM. Mascagni Wealth Management Inc. acquired a new stake in MGM Resorts International during the 4th quarter worth $28,000. Golden State Wealth Management LLC increased its holdings in shares of MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after acquiring an additional 455 shares in the last quarter. True Wealth Design LLC bought a new stake in shares of MGM Resorts International in the fourth quarter worth about $33,000. CX Institutional acquired a new stake in shares of MGM Resorts International during the first quarter worth about $36,000. Finally, Bayforest Capital Ltd bought a new position in shares of MGM Resorts International during the 1st quarter valued at about $43,000. 68.11% of the stock is owned by institutional investors.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the transaction, the chief operating officer directly owned 281,530 shares in the company, valued at $9,693,077.90. This represents a 12.44% decrease in their ownership of the stock. 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. Corporate insiders own 3.06% of the company's stock.

MGM Resorts International Stock Performance

Shares of NYSE MGM traded down $0.37 during trading hours on Thursday, reaching $34.72. 4,335,868 shares of the stock were exchanged, compared to its average volume of 5,119,436. The firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of 19.08, a P/E/G ratio of 1.66 and a beta of 1.81. The stock's fifty day simple moving average is $35.40 and its 200 day simple moving average is $33.45. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same period in the prior year, the firm posted $0.86 EPS. The company's revenue for the quarter was up 1.8% on a year-over-year basis. Sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its Board of Directors has initiated a share buyback program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding 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 board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts recently issued reports on MGM shares. Citigroup raised MGM Resorts International from a "hold" rating to a "strong-buy" rating and increased their target price for the stock from $55.00 to $57.00 in a research note on Wednesday, July 9th. Macquarie lowered their price objective on shares of MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Susquehanna raised their price objective on shares of MGM Resorts International from $50.00 to $60.00 and gave the stock a "positive" rating in a report on Tuesday, July 29th. Citizens Jmp lowered shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. Finally, Wall Street Zen raised MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International currently has a consensus rating of "Moderate Buy" and an average price target of $48.72.

MGM Resorts International Company 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.