Envestnet Asset Management Inc. Raises Holdings in MGM Resorts International $MGM

Envestnet Asset Management Inc. raised its stake in MGM Resorts International (NYSE:MGM) by 31.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 510,715 shares of the company’s stock after acquiring an additional 120,800 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.19% of MGM Resorts International worth $17,701,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in MGM. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International during the 2nd quarter valued at about $25,000. Mendota Financial Group LLC purchased a new position in MGM Resorts International during the third quarter valued at $27,000. Mather Group LLC. acquired a new stake in shares of MGM Resorts International in the third quarter valued at about $33,000. Employees Retirement System of Texas purchased a new stake in shares of MGM Resorts International during the second quarter worth about $45,000. Finally, Assetmark Inc. raised its position in shares of MGM Resorts International by 120.3% during the 2nd quarter. Assetmark Inc. now owns 1,813 shares of the company’s stock worth $62,000 after purchasing an additional 990 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, major shareholder Iac Inc. purchased 1,098,748 shares of MGM Resorts International stock in a transaction that occurred on Friday, December 5th. The stock was purchased at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the transaction, the insider directly owned 65,822,350 shares in the company, valued at $2,389,351,305. This trade represents a 1.70% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.06% of the company’s stock.

MGM Resorts International Stock Down 0.2%

Shares of NYSE:MGM opened at $34.11 on Friday. The firm has a market capitalization of $8.73 billion, a PE ratio of 45.47 and a beta of 1.44. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $41.32. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.23 and a quick ratio of 1.19. The firm’s 50-day moving average is $35.66 and its two-hundred day moving average is $34.94.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, topping the consensus estimate of $0.64 by $0.96. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.During the same period in the previous year, the firm posted $0.45 EPS. Analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on MGM shares. Zacks Research raised MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Monday, December 22nd. Susquehanna lowered their target price on shares of MGM Resorts International from $46.00 to $45.00 and set a “positive” rating on the stock in a research note on Friday, February 6th. Citigroup upped their target price on shares of MGM Resorts International from $35.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. Mizuho set a $62.00 price target on shares of MGM Resorts International in a research note on Thursday, October 30th. Finally, Argus dropped their price objective on shares of MGM Resorts International from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, November 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, MGM Resorts International presently has an average rating of “Hold” and an average price target of $41.94.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.