Assenagon Asset Management S.A. increased its stake in MGM Resorts International (NYSE:MGM – Free Report) by 101.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 389,259 shares of the company’s stock after acquiring an additional 195,922 shares during the period. Assenagon Asset Management S.A. owned approximately 0.10% of MGM Resorts International worth $17,291,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in MGM. Norges Bank purchased a new position in shares of MGM Resorts International during the fourth quarter valued at approximately $165,932,000. T. Rowe Price Investment Management Inc. boosted its position in shares of MGM Resorts International by 17.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 21,276,150 shares of the company’s stock valued at $713,390,000 after buying an additional 3,098,142 shares during the period. Marshall Wace LLP boosted its position in shares of MGM Resorts International by 129.2% during the fourth quarter. Marshall Wace LLP now owns 2,077,058 shares of the company’s stock valued at $69,644,000 after buying an additional 1,170,647 shares during the period. Atreides Management LP boosted its position in shares of MGM Resorts International by 48.1% during the fourth quarter. Atreides Management LP now owns 3,271,609 shares of the company’s stock valued at $109,697,000 after buying an additional 1,063,090 shares during the period. Finally, Key Colony Management LLC purchased a new position in shares of MGM Resorts International during the first quarter valued at approximately $39,236,000. Hedge funds and other institutional investors own 64.88% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have issued reports on the company. Barclays boosted their target price on MGM Resorts International from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 21st. TheStreet raised shares of MGM Resorts International from a “c+” rating to a “b-” rating in a research note on Thursday, April 6th. JPMorgan Chase & Co. lifted their price target on shares of MGM Resorts International from $55.00 to $60.00 in a research note on Tuesday, May 2nd. JMP Securities reaffirmed a “market outperform” rating and set a $60.00 price target on shares of MGM Resorts International in a research note on Monday, April 17th. Finally, Stifel Nicolaus lifted their price target on shares of MGM Resorts International from $53.00 to $56.00 in a research note on Tuesday, May 2nd. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $57.59.
MGM Resorts International Stock Performance
MGM Resorts International (NYSE:MGM – Free Report) last issued its quarterly earnings data on Monday, May 1st. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.40. The company had revenue of $3.90 billion during the quarter, compared to the consensus estimate of $3.61 billion. MGM Resorts International had a net margin of 13.84% and a negative return on equity of 1.33%. MGM Resorts International’s revenue for the quarter was up 36.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.01 earnings per share. On average, sell-side analysts predict that MGM Resorts International will post 1.89 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, COO Corey Ian Sanders sold 50,000 shares of the company’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $44.42, for a total transaction of $2,221,000.00. Following the transaction, the chief operating officer now directly owns 161,632 shares of the company’s stock, valued at $7,179,693.44. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider John Mcmanus sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $43.91, for a total transaction of $439,100.00. Following the transaction, the insider now directly owns 52,283 shares of the company’s stock, valued at $2,295,746.53. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Corey Ian Sanders sold 50,000 shares of the company’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $44.42, for a total value of $2,221,000.00. Following the transaction, the chief operating officer now directly owns 161,632 shares in the company, valued at $7,179,693.44. The disclosure for this sale can be found here. Insiders sold 322,350 shares of company stock valued at $14,120,881 over the last 90 days. Corporate insiders own 2.13% of the company’s stock.
MGM Resorts International Company Profile
MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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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