American Assets Investment Management LLC Buys 6,619 Shares of MGM Resorts International (NYSE:MGM)

American Assets Investment Management LLC raised its stake in shares of MGM Resorts International (NYSE:MGM) by 26.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 31,565 shares of the company’s stock after purchasing an additional 6,619 shares during the period. American Assets Investment Management LLC’s holdings in MGM Resorts International were worth $1,094,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of MGM. MidAtlantic Capital Management Inc. bought a new position in MGM Resorts International during the 3rd quarter worth $28,000. Global Trust Asset Management LLC bought a new position in MGM Resorts International during the 4th quarter worth $28,000. Assetmark Inc. raised its position in shares of MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after acquiring an additional 411 shares in the last quarter. Global Retirement Partners LLC raised its position in shares of MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after acquiring an additional 404 shares in the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of MGM Resorts International in the 3rd quarter worth about $44,000. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Price Performance

MGM stock opened at $32.43 on Tuesday. The company has a market capitalization of $9.26 billion, a P/E ratio of 13.51, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. MGM Resorts International has a 52-week low of $29.99 and a 52-week high of $48.25. The business has a 50-day simple moving average of $34.06 and a two-hundred day simple moving average of $36.21.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping 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%. Research analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wedbush reissued an “outperform” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Mizuho lifted their price objective on MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, February 13th. Barclays reissued an “equal weight” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Susquehanna Bancshares lifted their price objective on MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Finally, Truist Financial lowered their price objective on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.29.

Insiders Place Their Bets

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

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.