Empirical Asset Management LLC Invests $3.42 Million in MGM Resorts International (NYSE:MGM)

Empirical Asset Management LLC acquired a new stake in MGM Resorts International (NYSE:MGM) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 98,656 shares of the company’s stock, valued at approximately $3,418,000.

A number of other institutional investors have also recently added to or reduced their stakes in MGM. Marshall Wace LLP lifted its position in shares of MGM Resorts International by 174.8% during the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after acquiring an additional 706,159 shares during the period. Empower Advisory Group LLC increased 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 valued at $61,430,000 after purchasing an additional 62,997 shares in the last quarter. Goldentree Asset Management LP raised its holdings in MGM Resorts International by 86.4% during the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after purchasing an additional 1,390,599 shares during the last quarter. Maverick Capital Ltd. purchased a new stake in MGM Resorts International during the second quarter worth $1,211,000. Finally, Miracle Mile Advisors LLC purchased a new stake in MGM Resorts International during the fourth quarter worth $2,010,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $33.13 on Friday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The firm has a market capitalization of $9.86 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 3.04 and a beta of 2.21. MGM Resorts International has a one year low of $31.61 and a one year high of $48.24. The company has a 50 day moving average price of $35.65 and a 200 day moving average price of $38.21.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $4.21 billion. During the same quarter in the previous year, the company earned $0.64 earnings per share. The company’s quarterly revenue was up 5.3% on a year-over-year basis. Sell-side analysts anticipate that MGM Resorts International will post 2.43 EPS for the current year.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the stock in a transaction that occurred 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 owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This represents a 0.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.83% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft cut their target price on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Barclays reduced their target price on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, December 13th. JMP Securities reissued a “market outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a research report on Thursday. Wells Fargo & Company reduced their price objective on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Finally, Truist Financial dropped their price objective on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus price target of $51.93.

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.