Redwood Investments LLC Reduces Position in MGM Resorts International (MGM)

Redwood Investments LLC cut its position in shares of MGM Resorts International (NYSE:MGM) by 13.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 398,744 shares of the company’s stock after selling 64,304 shares during the period. MGM Resorts International makes up about 1.3% of Redwood Investments LLC’s holdings, making the stock its 19th largest position. Redwood Investments LLC owned approximately 0.07% of MGM Resorts International worth $12,477,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of MGM Resorts International by 8.4% in the first quarter. Vanguard Group Inc. now owns 39,845,368 shares of the company’s stock worth $1,091,763,000 after buying an additional 3,096,490 shares during the last quarter. Harris Associates L P boosted its stake in shares of MGM Resorts International by 40.7% in the first quarter. Harris Associates L P now owns 23,573,669 shares of the company’s stock worth $645,919,000 after buying an additional 6,814,070 shares during the last quarter. BlackRock Inc. boosted its stake in shares of MGM Resorts International by 9,411.8% in the first quarter. BlackRock Inc. now owns 22,704,066 shares of the company’s stock worth $622,092,000 after buying an additional 22,465,373 shares during the last quarter. Canyon Capital Advisors LLC boosted its stake in shares of MGM Resorts International by 19.3% in the first quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock worth $488,234,000 after buying an additional 2,877,500 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of MGM Resorts International by 5.9% in the first quarter. State Street Corp now owns 8,842,166 shares of the company’s stock worth $242,281,000 after buying an additional 495,240 shares during the last quarter. 74.10% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International (NYSE:MGM) opened at 30.71 on Monday. The firm’s 50-day moving average is $31.93 and its 200 day moving average is $30.00. The firm has a market capitalization of $17.66 billion, a price-to-earnings ratio of 18.18 and a beta of 1.48. MGM Resorts International has a 12 month low of $23.38 and a 12 month high of $34.53.

MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, July 27th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The firm had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. MGM Resorts International’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the company earned $0.29 EPS. Equities analysts predict that MGM Resorts International will post $1.24 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.44 annualized dividend and a yield of 1.43%. MGM Resorts International’s payout ratio is 26.04%.

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A number of equities research analysts have recently commented on MGM shares. TheStreet raised shares of MGM Resorts International from a “c+” rating to a “b” rating in a report on Friday, April 28th. BidaskClub cut shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Instinet reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Monday, July 17th. Zacks Investment Research cut shares of MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Finally, Stifel Nicolaus upped their target price on shares of MGM Resorts International from $35.00 to $38.00 and gave the company a “buy” rating in a report on Friday, April 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eighteen have given a buy rating to the company. MGM Resorts International currently has an average rating of “Buy” and a consensus target price of $34.81.

In other news, CEO James Murren sold 57,269 shares of MGM Resorts International stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $33.05, for a total value of $1,892,740.45. Following the transaction, the chief executive officer now owns 1,231,611 shares of the company’s stock, valued at approximately $40,704,743.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert Selwood sold 10,046 shares of MGM Resorts International stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $31.56, for a total transaction of $317,051.76. Following the completion of the transaction, the executive vice president now directly owns 116,743 shares in the company, valued at approximately $3,684,409.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 131,329 shares of company stock worth $4,233,446. 12.20% of the stock is owned by corporate insiders.

About MGM Resorts International

MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.

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

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