Envestnet Asset Management Inc. Raises Stock Holdings in MGM Resorts International (NYSE:MGM)

Envestnet Asset Management Inc. raised its position in shares of MGM Resorts International (NYSE:MGM) by 12.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 446,822 shares of the company’s stock after buying an additional 49,186 shares during the quarter. Envestnet Asset Management Inc.’s holdings in MGM Resorts International were worth $15,482,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of MGM Resorts International in the 4th quarter worth about $88,033,000. Davis Selected Advisers increased its stake in shares of MGM Resorts International by 4.6% during the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after purchasing an additional 882,417 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of MGM Resorts International during the fourth quarter valued at approximately $20,053,000. Amundi boosted its position in shares of MGM Resorts International by 207.5% in the 4th quarter. Amundi now owns 836,144 shares of the company’s stock worth $27,334,000 after purchasing an additional 564,202 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of MGM Resorts International by 3,041.1% in the 4th quarter. KBC Group NV now owns 388,047 shares of the company’s stock worth $13,446,000 after buying an additional 375,693 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MGM shares. Wedbush reiterated an “outperform” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Leerink Partners lowered MGM Resorts International to a “market perform” rating in a research report on Thursday, February 13th. Stifel Nicolaus increased their price objective on shares of MGM Resorts International from $47.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 target price on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Citigroup upped their target price on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and an average price target of $51.29.

MGM Resorts International Stock Up 0.3 %

MGM Resorts International stock opened at $29.71 on Wednesday. The stock has a market cap of $8.41 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The stock has a fifty day moving average of $32.46 and a 200 day moving average of $35.12. MGM Resorts International has a one year low of $25.30 and a one year high of $47.26.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. As a group, sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Jonathan S. Halkyard acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $32.17 per share, with a total value of $321,700.00. Following the completion of the purchase, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the transaction, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

MGM Resorts International Company Profile

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.