Assenagon Asset Management S.A. Sells 498,858 Shares of MGM Resorts International $MGM

Assenagon Asset Management S.A. cut its position in MGM Resorts International (NYSE:MGM) by 69.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 214,914 shares of the company’s stock after selling 498,858 shares during the period. Assenagon Asset Management S.A.’s holdings in MGM Resorts International were worth $7,954,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. TD Asset Management Inc boosted its stake in MGM Resorts International by 146.9% during the 3rd quarter. TD Asset Management Inc now owns 92,957 shares of the company’s stock valued at $3,222,000 after purchasing an additional 55,300 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of MGM Resorts International in the third quarter worth $2,184,000. Focus Partners Advisor Solutions LLC purchased a new position in shares of MGM Resorts International in the third quarter worth $1,014,000. Todd Asset Management LLC lifted its holdings in shares of MGM Resorts International by 9.2% during the fourth quarter. Todd Asset Management LLC now owns 709,520 shares of the company’s stock valued at $25,890,000 after purchasing an additional 59,691 shares in the last quarter. Finally, M&T Bank Corp lifted its holdings in shares of MGM Resorts International by 1,118.7% during the fourth quarter. M&T Bank Corp now owns 97,630 shares of the company’s stock valued at $3,563,000 after purchasing an additional 89,619 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MGM shares. Deutsche Bank Aktiengesellschaft lifted their price objective on MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. UBS Group set a $49.00 target price on shares of MGM Resorts International in a research note on Monday, June 15th. Jefferies Financial Group lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating and reduced their price target for the stock from $50.00 to $44.00 in a research note on Friday, May 1st. KeyCorp raised shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price objective for the company in a report on Monday, April 27th. Finally, Citigroup lowered their price objective on shares of MGM Resorts International from $41.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $50.18.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $49.15 on Monday. The company has a market capitalization of $12.58 billion, a P/E ratio of 68.27 and a beta of 1.31. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59. The firm’s 50 day simple moving average is $42.32 and its two-hundred day simple moving average is $38.25. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The firm had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The business’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period last year, the company earned $0.69 earnings per share. Research analysts expect that MGM Resorts International will post 1.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.38% of the company’s stock.

MGM Resorts International Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.