Empowered Funds LLC Purchases New Stake in MGM Resorts International (NYSE:MGM)

Empowered Funds LLC acquired a new position in shares of MGM Resorts International (NYSE:MGM) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 21,608 shares of the company’s stock, valued at approximately $845,000.

Other large investors also recently added to or reduced their stakes in the company. CIBC Asset Management Inc raised its position in shares of MGM Resorts International by 1.9% during the 3rd quarter. CIBC Asset Management Inc now owns 36,350 shares of the company’s stock valued at $1,421,000 after buying an additional 668 shares during the period. Planning Capital Management Corp purchased a new stake in MGM Resorts International in the third quarter valued at $45,000. Huntington National Bank lifted its stake in shares of MGM Resorts International by 133.1% in the 3rd quarter. Huntington National Bank now owns 1,909 shares of the company’s stock valued at $75,000 after purchasing an additional 1,090 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of MGM Resorts International by 21.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 56,906 shares of the company’s stock worth $2,224,000 after purchasing an additional 9,935 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its position in shares of MGM Resorts International by 48.9% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 22,081 shares of the company’s stock worth $863,000 after purchasing an additional 7,255 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Trading Down 0.6 %

NYSE:MGM opened at $37.80 on Friday. MGM Resorts International has a 12-month low of $33.44 and a 12-month high of $48.24. The firm has a market cap of $11.25 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 2.71 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 stock has a fifty day moving average price of $38.64 and a 200 day moving average price of $39.71.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the previous year, the business posted $0.64 EPS. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. Sell-side analysts anticipate that MGM Resorts International will post 2.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

MGM has been the topic of a number of recent analyst reports. Mizuho decreased their target price on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Stifel Nicolaus boosted their target price on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. JMP Securities lowered 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. Finally, UBS Group raised MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.15.

Insider Buying and Selling

In other news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the sale, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This trade represents a 2.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.13% of the stock is owned by insiders.

MGM Resorts International 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.