Empirical Finance LLC Trims Position in MGM Resorts International (NYSE:MGM)

Empirical Finance LLC reduced its position in MGM Resorts International (NYSE:MGM) by 13.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 10,401 shares of the company’s stock after selling 1,591 shares during the period. Empirical Finance LLC’s holdings in MGM Resorts International were worth $462,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MGM. Fisher Asset Management LLC grew its position in shares of MGM Resorts International by 4.9% in the fourth quarter. Fisher Asset Management LLC now owns 4,346,250 shares of the company’s stock valued at $194,190,000 after purchasing an additional 202,434 shares during the period. Westfield Capital Management Co. LP grew its holdings in MGM Resorts International by 21.0% in the 4th quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock valued at $107,295,000 after buying an additional 416,911 shares during the period. Gateway Investment Advisers LLC increased its stake in shares of MGM Resorts International by 41.2% during the 1st quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock valued at $465,000 after acquiring an additional 2,872 shares during the last quarter. ACR Alpine Capital Research LLC purchased a new position in shares of MGM Resorts International during the 1st quarter worth about $3,922,000. Finally, Texas Permanent School Fund Corp boosted its position in shares of MGM Resorts International by 0.4% in the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after acquiring an additional 245 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, CFO Jonathan S. Halkyard bought 10,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $34.00 per share, with a total value of $340,000.00. Following the transaction, the chief financial officer now directly owns 38,299 shares in the company, valued at approximately $1,302,166. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Paul J. Salem acquired 147,500 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the acquisition, the director now directly owns 1,702,500 shares in the company, valued at $57,544,500. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $34.00 per share, for a total transaction of $340,000.00. Following the purchase, the chief financial officer now directly owns 38,299 shares of the company’s stock, valued at $1,302,166. The disclosure for this purchase can be found here. Insiders acquired a total of 216,400 shares of company stock worth $7,312,197 in the last 90 days. 2.13% of the stock is owned by corporate insiders.

MGM Resorts International Price Performance

MGM opened at $37.59 on Friday. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The firm has a market cap of $11.79 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 0.77 and a beta of 2.24. The company has a current ratio of 1.47, a quick ratio of 1.46 and a debt-to-equity ratio of 1.65. The company has a fifty day simple moving average of $41.08 and a 200 day simple moving average of $41.88.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The company had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the prior year, the company posted $0.59 EPS. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. Equities research analysts expect that MGM Resorts International will post 3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Wells Fargo & Company cut their target price on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Morgan Stanley lowered their price target on MGM Resorts International from $47.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. Macquarie dropped their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Susquehanna lifted their price objective on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

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.