MGM Resorts International (NYSE:MGM) Shares Acquired by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH increased its stake in MGM Resorts International by 45.4% in Q1, acquiring a total of 30,353 shares, valued at approximately $900,000.
• Wall Street analysts have mixed ratings for MGM Resorts, with consensus being a "Moderate Buy" and an average target price of $48.56.
• MGM Resorts announced a $2 billion share buyback program, indicating the board's belief that the stock is undervalued, and recently reported quarterly earnings surpassing analysts' expectations.

Allianz Asset Management GmbH grew its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 45.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,353 shares of the company's stock after buying an additional 9,474 shares during the quarter. Allianz Asset Management GmbH's holdings in MGM Resorts International were worth $900,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Markel Group Inc. raised its holdings in MGM Resorts International by 113.8% in the first quarter. Markel Group Inc. now owns 85,500 shares of the company's stock worth $2,534,000 after buying an additional 45,500 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of MGM Resorts International by 127.0% in the first quarter. Larson Financial Group LLC now owns 6,260 shares of the company's stock worth $186,000 after purchasing an additional 3,502 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in MGM Resorts International by 518.4% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 149,600 shares of the company's stock worth $4,729,000 after acquiring an additional 125,408 shares in the last quarter. Apollon Wealth Management LLC boosted its holdings in shares of MGM Resorts International by 19.7% in the 1st quarter. Apollon Wealth Management LLC now owns 10,092 shares of the company's stock valued at $299,000 after buying an additional 1,660 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new position in shares of MGM Resorts International in the 1st quarter valued at approximately $344,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

MGM Resorts International Stock Down 0.6%

NYSE:MGM traded down $0.21 during trading hours on Monday, hitting $35.54. The stock had a trading volume of 1,765,497 shares, compared to its average volume of 5,451,662. 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 1.18 and a debt-to-equity ratio of 1.67. The company has a market cap of $9.67 billion, a PE ratio of 19.51, a price-to-earnings-growth ratio of 2.15 and a beta of 1.81. The business has a 50 day simple moving average of $35.13 and a two-hundred day simple moving average of $33.40.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.21. The company had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%. The business's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.86 EPS. Analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International declared that its Board of Directors has authorized a stock repurchase program on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of recent research reports. Citigroup upgraded shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and boosted their price target for the stock from $55.00 to $57.00 in a research report on Wednesday, July 9th. Morgan Stanley reissued a "sell" rating on shares of MGM Resorts International in a report on Friday, July 11th. The Goldman Sachs Group assumed coverage on MGM Resorts International in a report on Monday, July 7th. They issued a "sell" rating and a $34.00 price objective for the company. Stifel Nicolaus raised their target price on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a report on Thursday. Finally, Truist Financial raised their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.56.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the transaction, the director owned 5,627,478 shares in the company, valued at $180,585,769.02. This trade represents a 1.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief operating officer owned 281,530 shares in the company, valued at approximately $9,693,077.90. The trade was a 12.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,261 shares of company stock worth $3,486,367 over the last ninety days. 3.06% of the stock is currently owned by corporate insiders.

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.