Assenagon Asset Management S.A. Buys 159,522 Shares of MGM Resorts International (NYSE:MGM)

Assenagon Asset Management S.A. raised its stake in MGM Resorts International (NYSE:MGM) by 80.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 358,186 shares of the company’s stock after acquiring an additional 159,522 shares during the quarter. Assenagon Asset Management S.A. owned about 0.12% of MGM Resorts International worth $12,411,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. HG Vora Capital Management LLC bought a new position in shares of MGM Resorts International during the third quarter worth approximately $97,725,000. Goldentree Asset Management LP grew its holdings in MGM Resorts International by 86.4% in the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after buying an additional 1,390,599 shares in the last quarter. Marshall Wace LLP increased 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 buying an additional 706,159 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in shares of MGM Resorts International during the third quarter worth $17,622,000. Finally, ArrowMark Colorado Holdings LLC grew its stake in shares of MGM Resorts International by 207.5% in the third quarter. ArrowMark Colorado Holdings LLC now owns 656,475 shares of the company’s stock valued at $25,662,000 after acquiring an additional 442,975 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Trading Down 0.8 %

MGM opened at $32.85 on Friday. The company’s 50 day moving average is $35.57 and its 200-day moving average is $38.11. The company has a market cap of $9.78 billion, a P/E ratio of 11.73, a PEG ratio of 3.04 and a beta of 2.21. MGM Resorts International has a 1-year low of $31.61 and a 1-year high of $48.24. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The firm had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter last year, the firm posted $0.64 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities research analysts predict that MGM Resorts International will post 2.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Keith A. Meister sold 51,000 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the sale, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.83% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on MGM shares. Jefferies Financial Group dropped their price objective on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, January 3rd. Mizuho dropped their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Truist Financial reduced their price target on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Morgan Stanley lifted their price objective on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Tuesday, October 22nd. Finally, JMP Securities reissued a “market outperform” rating and set a $50.00 target price on shares of MGM Resorts International in a report on Thursday. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.93.

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.