Advisor Partners LLC Purchases Shares of 7,157 MGM Resorts International (MGM)
Advisor Partners LLC purchased a new stake in shares of MGM Resorts International (NYSE:MGM) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 7,157 shares of the company’s stock, valued at approximately $260,000.
Several other hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. acquired a new stake in MGM Resorts International during the third quarter valued at $87,164,000. Advisor Group Inc. boosted its position in MGM Resorts International by 35.3% during the second quarter. Advisor Group Inc. now owns 24,967 shares of the company’s stock valued at $780,000 after purchasing an additional 6,509 shares during the last quarter. Janus Henderson Group PLC boosted its position in MGM Resorts International by 1,978.3% during the second quarter. Janus Henderson Group PLC now owns 1,106,856 shares of the company’s stock valued at $34,634,000 after purchasing an additional 1,053,597 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in MGM Resorts International by 5.1% during the third quarter. Asset Management One Co. Ltd. now owns 712,424 shares of the company’s stock valued at $23,209,000 after purchasing an additional 34,625 shares during the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in MGM Resorts International during the second quarter valued at $269,000. Institutional investors and hedge funds own 82.71% of the company’s stock.
In related news, insider Robert Baldwin sold 61,600 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $32.56, for a total transaction of $2,005,696.00. Following the completion of the transaction, the insider now owns 70,049 shares of the company’s stock, valued at approximately $2,280,795.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William A. Bible sold 6,128 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $33.23, for a total value of $203,633.44. Following the transaction, the director now directly owns 27,081 shares of the company’s stock, valued at approximately $899,901.63. The disclosure for this sale can be found here. Insiders have sold a total of 96,877 shares of company stock valued at $3,187,002 in the last three months. 12.20% of the stock is owned by insiders.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, November 8th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. MGM Resorts International had a return on equity of 6.47% and a net margin of 5.44%. analysts forecast that MGM Resorts International will post 1.09 earnings per share for the current fiscal year.
A number of research firms recently issued reports on MGM. Stifel Nicolaus cut MGM Resorts International from a “buy” rating to a “hold” rating and reduced their price objective for the company from $38.00 to $33.00 in a research report on Wednesday, October 18th. Instinet reaffirmed a “buy” rating and issued a $40.00 price target on shares of MGM Resorts International in a research report on Tuesday, October 3rd. Susquehanna Bancshares reaffirmed a “neutral” rating and issued a $33.00 price target (down previously from $38.00) on shares of MGM Resorts International in a research report on Tuesday, October 3rd. Barclays reaffirmed an “overweight” rating on shares of MGM Resorts International in a research report on Monday, October 2nd. Finally, JPMorgan Chase & Co. boosted their price target on MGM Resorts International from $39.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 1st. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $37.20.
About MGM Resorts International
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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