Allianz Asset Management GmbH Raises Position in MGM Resorts International (NYSE:MGM)

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

Several other hedge funds and other institutional investors also recently modified their holdings of the business. ArrowMark Colorado Holdings LLC boosted its stake in shares of MGM Resorts International by 42.8% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company's stock valued at $32,473,000 after purchasing an additional 280,700 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in shares of MGM Resorts International by 74.6% in the 1st quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company's stock valued at $646,000 after purchasing an additional 9,304 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of MGM Resorts International by 60.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock valued at $1,830,000 after purchasing an additional 23,234 shares in the last quarter. Aviva PLC grew its position in MGM Resorts International by 1,243.5% during the 4th quarter. Aviva PLC now owns 137,912 shares of the company's stock worth $4,779,000 after acquiring an additional 127,647 shares during the last quarter. Finally, Achmea Investment Management B.V. grew its position in MGM Resorts International by 46.3% during the 1st quarter. Achmea Investment Management B.V. now owns 35,227 shares of the company's stock worth $1,045,000 after acquiring an additional 11,152 shares during the last quarter. Institutional investors own 68.11% of the company's stock.

Insider Activity

In related news, COO Corey Ian Sanders sold 40,000 shares of the company'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 of the company's stock, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock valued at $3,486,367 in the last ninety days. 3.06% of the stock is owned by company insiders.

MGM Resorts International Trading Down 1.9%

Shares of NYSE:MGM traded down $0.70 during midday trading on Friday, reaching $35.75. The company's stock had a trading volume of 7,649,796 shares, compared to its average volume of 4,643,809. The firm has a market capitalization of $9.73 billion, a price-to-earnings ratio of 19.64, a PEG ratio of 2.36 and a beta of 1.81. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.26 and a current ratio of 1.22. The firm has a 50 day moving average price of $35.13 and a two-hundred day moving average price of $33.39. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $42.53.

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 for the quarter, compared to the consensus estimate of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%. The firm's revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.86 EPS. As a group, analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

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

Wall Street Analyst Weigh In

MGM has been the topic of a number of research reports. UBS Group boosted their price objective on MGM Resorts International from $37.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Citizens Jmp lowered MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. Susquehanna boosted their price objective on MGM Resorts International from $50.00 to $60.00 and gave the stock a "positive" rating in a research report on Tuesday. JMP Securities restated a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Finally, Barclays boosted their price objective on MGM Resorts International from $43.00 to $44.00 and gave the stock an "overweight" rating in a research report on Friday, July 18th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.56.

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.