Mirae Asset Global Investments Co. Ltd. Grows Stock Position in MGM Resorts International (NYSE:MGM)

Mirae Asset Global Investments Co. Ltd. increased its position in shares of MGM Resorts International (NYSE:MGM) by 36.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,625 shares of the company’s stock after purchasing an additional 6,588 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in MGM Resorts International were worth $856,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in MGM. Empower Advisory Group LLC grew its holdings in shares of MGM Resorts International by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock worth $61,430,000 after buying an additional 62,997 shares in the last quarter. Goldentree Asset Management LP boosted its position in MGM Resorts International by 86.4% during the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after acquiring an additional 1,390,599 shares during the last quarter. Miracle Mile Advisors LLC purchased a new stake in MGM Resorts International during the 4th quarter valued at about $2,010,000. Assenagon Asset Management S.A. grew its stake in MGM Resorts International by 80.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock valued at $12,411,000 after acquiring an additional 159,522 shares in the last quarter. Finally, Zacks Investment Management raised its holdings in MGM Resorts International by 7.8% in the 3rd quarter. Zacks Investment Management now owns 400,393 shares of the company’s stock valued at $15,651,000 after acquiring an additional 29,107 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 5,687,478 shares of the company’s stock, valued at $207,991,070.46. This represents a 0.89 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Down 0.3 %

Shares of NYSE MGM opened at $34.26 on Wednesday. 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 business’s 50 day moving average is $34.31 and its two-hundred day moving average is $36.83. MGM Resorts International has a 52-week low of $31.61 and a 52-week high of $48.24. The firm has a market cap of $10.20 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 2.94 and a beta of 2.20.

Analyst Ratings Changes

Several brokerages have recently weighed in on MGM. Truist Financial lowered their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. BTIG Research lowered MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Monday, February 3rd. Jefferies Financial Group cut their target price on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, January 3rd. JMP Securities reissued a “market outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a research report on Thursday, January 16th. Finally, Morgan Stanley raised their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 22nd. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $51.93.

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.