Empowered Funds LLC Purchases Shares of 21,608 MGM Resorts International (NYSE:MGM)

Empowered Funds LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 21,608 shares of the company’s stock, valued at approximately $845,000.

Other hedge funds have also recently modified their holdings of the company. Boston Partners increased its stake in MGM Resorts International by 12.6% during the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after purchasing an additional 684,676 shares in the last quarter. Empower Advisory Group LLC raised its stake in MGM Resorts International by 4.2% in the 3rd quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock worth $61,430,000 after acquiring an additional 62,997 shares during the last quarter. Marshall Wace LLP lifted its position in MGM Resorts International by 174.8% during the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after acquiring an additional 706,159 shares during the period. Key Colony Management LLC grew its stake in MGM Resorts International by 11.1% during the 3rd quarter. Key Colony Management LLC now owns 883,000 shares of the company’s stock valued at $34,516,000 after purchasing an additional 88,000 shares during the last quarter. Finally, Goldentree Asset Management LP acquired a new position in shares of MGM Resorts International in the first quarter valued at about $35,726,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Trading Down 0.6 %

Shares of MGM stock opened at $37.80 on Friday. The stock has a 50 day simple moving average of $38.64 and a 200-day simple moving average of $39.71. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The company has a market cap of $11.25 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 2.71 and a beta of 2.23. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). The company had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.64 earnings per share. On average, equities research analysts expect that MGM Resorts International will post 2.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MGM. Susquehanna upped their target price on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research report on Thursday, August 1st. Macquarie reduced their target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Barclays lowered their price target on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Stifel Nicolaus lifted their price objective on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Wells Fargo & Company lowered their target price on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $53.15.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the sale, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. The trade was a 2.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.13% 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.