MGM Resorts International $MGM Shares Acquired by Allianz Asset Management GmbH

Allianz Asset Management GmbH increased its position in MGM Resorts International (NYSE:MGM) by 1,371.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 446,650 shares of the company’s stock after acquiring an additional 416,297 shares during the period. Allianz Asset Management GmbH owned approximately 0.16% of MGM Resorts International worth $15,360,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC grew its holdings in shares of MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after acquiring an additional 455 shares during the period. Bayforest Capital Ltd acquired a new stake in shares of MGM Resorts International in the 1st quarter worth approximately $43,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of MGM Resorts International by 66.9% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after acquiring an additional 529 shares during the period. Quarry LP lifted its stake in MGM Resorts International by 24.1% in the 1st quarter. Quarry LP now owns 1,795 shares of the company’s stock valued at $53,000 after buying an additional 349 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in MGM Resorts International by 27.5% in the 2nd quarter. UMB Bank n.a. now owns 2,061 shares of the company’s stock valued at $71,000 after buying an additional 445 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Price Performance

MGM stock opened at $31.86 on Tuesday. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The stock’s fifty day simple moving average is $35.45 and its 200-day simple moving average is $34.16. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $8.67 billion, a price-to-earnings ratio of 17.51, a price-to-earnings-growth ratio of 1.30 and a beta of 1.67.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.28 billion. During the same quarter last year, the firm earned $0.86 earnings per share. The business’s revenue was up 1.8% on a year-over-year basis. Equities research analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of recent research reports. Stifel Nicolaus upped their target price on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Macquarie reduced their target price on MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, October 2nd. JPMorgan Chase & Co. reduced their target price on MGM Resorts International from $43.00 to $41.00 and set a “neutral” rating on the stock in a research note on Thursday, October 16th. Citizens Jmp lowered MGM Resorts International from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 26th. Finally, Barclays upped their target price on MGM Resorts International from $43.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, MGM Resorts International presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.78.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 242,000 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the transaction, the director directly owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Mcmanus sold 60,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares in the company, valued at $1,138,538.52. This trade represents a 65.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is owned by company insiders.

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.