Allianz Asset Management GmbH Raises Holdings in MGM Resorts International $MGM

Allianz Asset Management GmbH increased its position in MGM Resorts International (NYSE:MGM) by 1,371.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 446,650 shares of the company’s stock after buying an additional 416,297 shares during the quarter. Allianz Asset Management GmbH’s holdings in MGM Resorts International were worth $15,360,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in MGM. Kingstone Capital Partners Texas LLC purchased a new position in MGM Resorts International in the second quarter valued at about $171,632,000. Helikon Investments Ltd purchased a new position in MGM Resorts International in the first quarter valued at about $54,418,000. Fuller & Thaler Asset Management Inc. purchased a new position in MGM Resorts International in the first quarter valued at about $47,631,000. AQR Capital Management LLC raised its position in MGM Resorts International by 104.2% in the first quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company’s stock valued at $75,962,000 after purchasing an additional 1,332,313 shares during the period. Finally, GMT Capital Corp purchased a new position in MGM Resorts International in the first quarter valued at about $36,656,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of MGM Resorts International in a research report on Wednesday, October 8th. JPMorgan Chase & Co. cut their price objective on MGM Resorts International from $43.00 to $41.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. Mizuho raised their price objective on MGM Resorts International from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, October 13th. Stifel Nicolaus raised their price objective on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Finally, Seaport Res Ptn downgraded MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.78.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the completion of the transaction, the director directly owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the transaction, the insider owned 31,521 shares of the company’s stock, valued at $1,138,538.52. This trade represents a 65.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Stock Up 0.9%

Shares of MGM Resorts International stock opened at $31.86 on Tuesday. The business has a 50-day moving average of $35.45 and a 200-day moving average of $34.16. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. The company has a market capitalization of $8.67 billion, a PE ratio of 17.51, a P/E/G ratio of 1.30 and a beta of 1.67. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $42.53.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.21. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The company’s revenue was up 1.8% on a year-over-year basis. During the same period last year, the firm earned $0.86 earnings per share. As a group, equities analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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.