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

Envestnet Asset Management Inc. lifted its holdings in MGM Resorts International (NYSE:MGM) by 6.0% in the second quarter, Holdings Channel reports. The firm owned 389,915 shares of the company’s stock after buying an additional 22,218 shares during the period. Envestnet Asset Management Inc.’s holdings in MGM Resorts International were worth $13,409,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Teacher Retirement System of Texas acquired a new stake in MGM Resorts International in the first quarter worth about $969,000. Ballentine Partners LLC raised its position in shares of MGM Resorts International by 32.3% in the 1st quarter. Ballentine Partners LLC now owns 8,667 shares of the company’s stock valued at $257,000 after purchasing an additional 2,114 shares during the last quarter. New York State Common Retirement Fund boosted its stake in MGM Resorts International by 4.4% in the 1st quarter. New York State Common Retirement Fund now owns 165,061 shares of the company’s stock worth $4,892,000 after purchasing an additional 6,900 shares in the last quarter. CWM LLC grew its position in MGM Resorts International by 48.0% during the 1st quarter. CWM LLC now owns 56,131 shares of the company’s stock worth $1,664,000 after purchasing an additional 18,209 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new stake in MGM Resorts International during the 1st quarter worth approximately $344,000. 68.11% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares of the company’s stock, valued at $1,138,538.52. The trade was a 65.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $8,571,640.00. Following the sale, the director directly owned 5,385,478 shares in the company, valued at $190,753,630.76. This trade represents a 4.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 3.06% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM opened at $32.63 on Friday. The business’s 50-day moving average is $34.00 and its two-hundred day moving average is $34.48. The company has a market capitalization of $8.92 billion, a P/E ratio of 203.93, a P/E/G ratio of 1.40 and a beta of 1.66. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $41.32. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.13). The company had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 16.95%. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period last year, the firm earned $0.54 EPS. Research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

Analyst Ratings Changes

MGM has been the subject of a number of research analyst reports. Morgan Stanley raised their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a report on Thursday, September 11th. Citigroup reduced their target price on MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a research note on Thursday, October 30th. Barclays dropped their price target on MGM Resorts International from $43.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Susquehanna raised their price objective on MGM Resorts International from $50.00 to $60.00 and gave the stock a “positive” rating in a research note on Tuesday, July 29th. Finally, Stifel Nicolaus set a $45.00 target price on MGM Resorts International in a report on Thursday, October 30th. Fourteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $47.58.

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.