Consolidated Investment Group LLC Sells 45,000 Shares of MGM Resorts International $MGM

Consolidated Investment Group LLC trimmed its stake in shares of MGM Resorts International (NYSE:MGM) by 21.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 166,538 shares of the company’s stock after selling 45,000 shares during the quarter. Consolidated Investment Group LLC’s holdings in MGM Resorts International were worth $5,171,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of MGM. Latitude Advisors LLC bought a new stake in MGM Resorts International in the third quarter valued at approximately $27,000. International Assets Investment Management LLC purchased a new stake in shares of MGM Resorts International during the first quarter valued at approximately $30,000. Optiver Holding B.V. purchased a new stake in shares of MGM Resorts International during the first quarter valued at approximately $35,000. Versant Capital Management Inc grew its holdings in shares of MGM Resorts International by 41.3% in the third quarter. Versant Capital Management Inc now owns 1,437 shares of the company’s stock worth $45,000 after purchasing an additional 420 shares during the last quarter. Finally, Fiduciary Financial Advisors bought a new position in shares of MGM Resorts International in the second quarter worth approximately $48,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Stock Up 1.6%

Shares of NYSE:MGM opened at $32.87 on Tuesday. The stock’s 50-day moving average is $33.44 and its 200 day moving average is $38.93. The company has a market cap of $8.32 billion, a PE ratio of 12.50, a P/E/G ratio of 1.95 and a beta of 1.34. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.24 and a quick ratio of 1.20. MGM Resorts International has a 1 year low of $26.71 and a 1 year high of $51.59.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, October 28th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.15). MGM Resorts International had a return on equity of 20.58% and a net margin of 3.92%. The business had revenue of $4.21 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter last year, the business posted $0.24 EPS. The company’s quarterly revenue was down .9% compared to the same quarter last year. Sell-side analysts anticipate that MGM Resorts International will post 1.62 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on MGM shares. Zacks Research downgraded shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a research note on Friday, October 2nd. Mizuho set a $50.00 price target on shares of MGM Resorts International in a report on Thursday, October 29th. UBS Group dropped their price target on shares of MGM Resorts International from $50.00 to $46.00 and set a “neutral” rating for the company in a research report on Friday, September 11th. Morgan Stanley cut their price target on shares of MGM Resorts International from $43.00 to $29.00 and set an “underweight” rating on the stock in a report on Monday, October 19th. Finally, Capital One Financial raised their price target on shares of MGM Resorts International from $53.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, September 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, MGM Resorts International has a consensus rating of “Hold” and a consensus target price of $44.29.

Insider Activity

In other MGM Resorts International news, Director Keith Meister bought 1,738,074 shares of MGM Resorts International stock in a transaction dated Friday, October 30th. The shares were purchased at an average cost of $29.64 per share, with a total value of $51,516,513.36. Following the completion of the purchase, the director owned 7,086,052 shares of the company’s stock, valued at approximately $210,030,581.28. This represents a 32.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.38% of the company’s stock.

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that develops, owns and operates resorts featuring casinos, hotels, restaurants, live entertainment, meeting spaces and other leisure amenities. Its portfolio includes well-known Las Vegas properties as well as resorts in other U.S. markets.

The company also has a presence in Macau through its MGM China subsidiary, which operates integrated resorts including MGM Macau and MGM Cotai. MGM Resorts offers online sports betting and gaming through BetMGM, its digital gaming brand.

Originally known as MGM Grand Inc, the company adopted the name MGM Resorts International in 2010.