Shikiar Asset Management Inc. Lowers Stock Position in MGM Resorts International (NYSE:MGM)

Shikiar Asset Management Inc. lessened its stake in shares of MGM Resorts International (NYSE:MGMGet Rating) by 1.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 214,300 shares of the company’s stock after selling 3,075 shares during the quarter. MGM Resorts International accounts for about 2.5% of Shikiar Asset Management Inc.’s holdings, making the stock its 12th biggest holding. Shikiar Asset Management Inc.’s holdings in MGM Resorts International were worth $8,988,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. State Street Corp boosted its stake in MGM Resorts International by 3.3% during the fourth quarter. State Street Corp now owns 16,047,151 shares of the company’s stock worth $720,196,000 after buying an additional 517,377 shares during the period. Southeastern Asset Management Inc. TN lifted its position in shares of MGM Resorts International by 5.8% during the fourth quarter. Southeastern Asset Management Inc. TN now owns 5,846,629 shares of the company’s stock worth $262,397,000 after purchasing an additional 321,175 shares in the last quarter. Allianz Asset Management GmbH lifted its position in shares of MGM Resorts International by 71.2% during the fourth quarter. Allianz Asset Management GmbH now owns 4,272,794 shares of the company’s stock worth $191,762,000 after purchasing an additional 1,777,519 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of MGM Resorts International by 29.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,459,535 shares of the company’s stock worth $155,264,000 after purchasing an additional 785,546 shares in the last quarter. Finally, Senvest Management LLC lifted its position in shares of MGM Resorts International by 4.5% during the fourth quarter. Senvest Management LLC now owns 3,143,207 shares of the company’s stock worth $141,067,000 after purchasing an additional 134,377 shares in the last quarter. 85.76% of the stock is owned by institutional investors.

In other news, Director Paul J. Salem acquired 34,500 shares of the stock in a transaction that occurred on Monday, June 13th. The shares were purchased at an average cost of $28.92 per share, for a total transaction of $997,740.00. Following the transaction, the director now directly owns 1,555,000 shares in the company, valued at approximately $44,970,600. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Hornbuckle sold 10,000 shares of MGM Resorts International stock in a transaction on Wednesday, April 20th. The shares were sold at an average price of $43.00, for a total transaction of $430,000.00. Following the completion of the transaction, the chief executive officer now owns 132,603 shares in the company, valued at $5,701,929. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

MGM stock opened at $27.21 on Thursday. The company has a current ratio of 1.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.06. MGM Resorts International has a twelve month low of $26.69 and a twelve month high of $51.17. The company’s 50 day moving average is $35.77 and its two-hundred day moving average is $40.38. The stock has a market cap of $11.59 billion, a P/E ratio of 8.83 and a beta of 2.19.

MGM Resorts International (NYSE:MGMGet Rating) last announced its earnings results on Monday, May 2nd. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.10. The business had revenue of $2.85 billion for the quarter, compared to analyst estimates of $2.75 billion. MGM Resorts International had a net margin of 14.40% and a return on equity of 0.81%. During the same period last year, the firm posted ($0.68) earnings per share. On average, equities research analysts predict that MGM Resorts International will post 0.79 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Friday, June 10th were given a dividend of $0.0025 per share. The ex-dividend date was Thursday, June 9th. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.04%. MGM Resorts International’s dividend payout ratio (DPR) is presently 0.32%.

Several analysts have recently issued reports on the stock. Morgan Stanley reduced their price target on shares of MGM Resorts International from $56.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, April 25th. Wells Fargo & Company reduced their price target on shares of MGM Resorts International from $60.00 to $56.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 13th. Bank of America reduced their target price on shares of MGM Resorts International from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, April 18th. JPMorgan Chase & Co. initiated coverage on shares of MGM Resorts International in a report on Tuesday, May 3rd. They issued an “overweight” rating and a $53.00 target price on the stock. Finally, TheStreet cut shares of MGM Resorts International from a “b-” rating to a “c+” rating in a report on Tuesday, March 8th. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

MGM Resorts International Company Profile (Get Rating)

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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