MGM Resorts International (NYSE:MGM) Shares Bought by American Assets Investment Management LLC

American Assets Investment Management LLC increased its holdings in MGM Resorts International (NYSE:MGM) by 124.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 24,946 shares of the company’s stock after buying an additional 13,825 shares during the period. American Assets Investment Management LLC’s holdings in MGM Resorts International were worth $975,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in MGM Resorts International by 40.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,099 shares of the company’s stock valued at $1,666,000 after acquiring an additional 10,886 shares during the period. Texas Permanent School Fund Corp boosted its position in MGM Resorts International by 0.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after purchasing an additional 245 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in MGM Resorts International by 31.4% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 22,622 shares of the company’s stock worth $1,068,000 after buying an additional 5,402 shares during the last quarter. Oppenheimer Asset Management Inc. increased its position in MGM Resorts International by 30.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 17,483 shares of the company’s stock worth $825,000 after buying an additional 4,063 shares during the period. Finally, Forsta AP Fonden lifted its stake in MGM Resorts International by 63.9% in the first quarter. Forsta AP Fonden now owns 90,500 shares of the company’s stock valued at $4,273,000 after buying an additional 35,300 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Price Performance

NYSE MGM traded down $0.93 on Tuesday, reaching $35.79. The company’s stock had a trading volume of 1,173,298 shares, compared to its average volume of 4,099,937. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The firm’s 50 day moving average is $38.32 and its two-hundred day moving average is $39.90. The stock has a market cap of $10.66 billion, a PE ratio of 13.11, a PEG ratio of 2.62 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The business had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.64 earnings per share. As a group, sell-side analysts predict that MGM Resorts International will post 2.5 EPS for the current year.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares in the company, valued at $210,716,912.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.13% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MGM. Macquarie dropped their price objective on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Wells Fargo & Company reduced their price objective on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Mizuho lowered their target price on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. UBS Group upgraded MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Finally, Stifel Nicolaus raised their price target on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.15.

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.