MGM Resorts International (NYSE:MGM) Shares Bought by Shikiar Asset Management Inc.

Shikiar Asset Management Inc. boosted its position in MGM Resorts International (NYSE:MGM) by 15.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 219,025 shares of the company’s stock after acquiring an additional 29,150 shares during the period. MGM Resorts International comprises approximately 2.6% of Shikiar Asset Management Inc.’s holdings, making the stock its 13th biggest holding. Shikiar Asset Management Inc.’s holdings in MGM Resorts International were worth $9,733,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Capital World Investors raised its position in shares of MGM Resorts International by 17.7% during the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock worth $292,713,000 after purchasing an additional 984,617 shares during the period. Boston Partners lifted its position in shares of MGM Resorts International by 12.6% during the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after buying an additional 684,676 shares during the period. Fisher Asset Management LLC grew its position in MGM Resorts International by 5.2% during the 4th quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock worth $194,686,000 after acquiring an additional 213,528 shares during the last quarter. Norges Bank bought a new position in MGM Resorts International in the 4th quarter valued at $139,599,000. Finally, Westfield Capital Management Co. LP lifted its holdings in MGM Resorts International by 21.0% in the fourth quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock valued at $107,295,000 after buying an additional 416,911 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Price Performance

MGM Resorts International stock traded down $0.08 during trading hours on Wednesday, hitting $38.08. 3,333,989 shares of the stock were exchanged, compared to its average volume of 4,001,482. The business’s 50-day moving average is $41.59 and its two-hundred day moving average is $42.40. The stock has a market capitalization of $11.94 billion, a P/E ratio of 14.65, a P/E/G ratio of 0.77 and a beta of 2.24. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.46 and a current ratio of 1.47.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.20. The company had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. MGM Resorts International’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.59 EPS. Equities research analysts expect that MGM Resorts International will post 3 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on MGM. Stifel Nicolaus raised their price target on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. StockNews.com lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Wells Fargo & Company lowered their target price on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. JPMorgan Chase & Co. lifted their price target on MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Finally, Macquarie cut their price objective on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $54.00.

Insider Transactions at MGM Resorts International

In other news, Director Alexis Herman sold 4,344 shares of the business’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $41.50, for a total value of $180,276.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other MGM Resorts International news, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were purchased at an average price of $34.00 per share, with a total value of $340,000.00. Following the transaction, the chief financial officer now owns 38,299 shares of the company’s stock, valued at $1,302,166. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 216,400 shares of company stock worth $7,312,197 and sold 147,988 shares worth $5,991,759. Corporate insiders own 2.13% of the company’s stock.

MGM Resorts International Company 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.