Empower Advisory Group LLC Grows Position in MGM Resorts International (NYSE:MGM)

Empower Advisory Group LLC boosted its stake in shares of MGM Resorts International (NYSE:MGM) by 4.2% in the third quarter, Holdings Channel reports. The fund owned 1,571,492 shares of the company’s stock after purchasing an additional 62,997 shares during the period. Empower Advisory Group LLC’s holdings in MGM Resorts International were worth $61,430,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Marshall Wace LLP lifted its holdings in shares of MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after buying an additional 706,159 shares during the period. Maverick Capital Ltd. acquired a new position in MGM Resorts International during the second quarter worth $1,211,000. Texas Permanent School Fund Corp raised its holdings in MGM Resorts International by 0.4% during the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after purchasing an additional 245 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in MGM Resorts International during the second quarter worth $3,314,000. Finally, State Board of Administration of Florida Retirement System raised its holdings in MGM Resorts International by 3.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 429,611 shares of the company’s stock worth $19,083,000 after purchasing an additional 13,292 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock opened at $36.75 on Wednesday. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The stock has a market capitalization of $10.94 billion, a P/E ratio of 13.13, a PEG ratio of 2.62 and a beta of 2.23. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The business’s fifty day moving average price is $38.33 and its 200 day moving average price is $39.87.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the previous year, the business posted $0.64 EPS. MGM Resorts International’s revenue was up 5.3% compared to the same quarter last year. As a group, research analysts anticipate that MGM Resorts International will post 2.5 earnings per share for the current year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares in the company, valued at $210,716,912.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.83% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MGM. Morgan Stanley lifted their price objective on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Susquehanna raised their price target on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, August 1st. Mizuho dropped their price target on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Truist Financial dropped their price target on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Finally, JMP Securities dropped their price target on MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating for the company in a research report on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, MGM Resorts International presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.15.

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.