Empirical Asset Management LLC Acquires Shares of 98,656 MGM Resorts International (NYSE:MGM)

Empirical Asset Management LLC acquired a new position in shares of MGM Resorts International (NYSE:MGM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 98,656 shares of the company’s stock, valued at approximately $3,418,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. MidAtlantic Capital Management Inc. acquired a new position in MGM Resorts International during the 3rd quarter worth approximately $28,000. Eastern Bank purchased a new stake in shares of MGM Resorts International during the third quarter valued at approximately $35,000. Brooklyn Investment Group acquired a new position in shares of MGM Resorts International during the third quarter worth $44,000. Planning Capital Management Corp purchased a new position in shares of MGM Resorts International in the third quarter valued at $45,000. Finally, Modus Advisors LLC acquired a new stake in MGM Resorts International during the 4th quarter valued at $46,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of recent analyst reports. JMP Securities reiterated a “market outperform” rating and issued a $50.00 price objective on shares of MGM Resorts International in a report on Thursday. Jefferies Financial Group reduced their price target on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a report on Friday, January 3rd. Deutsche Bank Aktiengesellschaft dropped their price objective on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Barclays reduced their target price on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating for the company in a research note on Friday, December 13th. Finally, Wells Fargo & Company dropped their price target on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.93.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 51,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the transaction, the director now owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.83% of the stock is owned by corporate insiders.

MGM Resorts International Price Performance

MGM opened at $33.13 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The company’s 50-day moving average price is $35.65 and its 200 day moving average price is $38.21. MGM Resorts International has a fifty-two week low of $31.61 and a fifty-two week high of $48.24. The firm has a market cap of $9.86 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 3.04 and a beta of 2.21.

MGM Resorts International (NYSE:MGM) last announced its quarterly 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). The company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 earnings per share. As a group, sell-side analysts expect that MGM Resorts International will post 2.43 earnings per share for the current year.

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.