MGM Resorts International (MGM) Holdings Increased by Creative Planning

Creative Planning raised its position in shares of MGM Resorts International (NYSE:MGM) by 7.8% in the third quarter, HoldingsChannel.com reports. The firm owned 77,690 shares of the company’s stock after purchasing an additional 5,628 shares during the quarter. Creative Planning’s holdings in MGM Resorts International were worth $2,168,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in shares of MGM Resorts International by 143.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 7,603,754 shares of the company’s stock worth $220,738,000 after buying an additional 4,478,383 shares during the period. BlackRock Inc. grew its position in shares of MGM Resorts International by 8.8% during the 2nd quarter. BlackRock Inc. now owns 38,976,350 shares of the company’s stock worth $1,131,484,000 after buying an additional 3,163,587 shares during the period. Morgan Stanley grew its position in shares of MGM Resorts International by 71.5% during the 2nd quarter. Morgan Stanley now owns 6,199,539 shares of the company’s stock worth $179,973,000 after buying an additional 2,584,993 shares during the period. Epoch Investment Partners Inc. grew its position in shares of MGM Resorts International by 6,435.4% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,910,304 shares of the company’s stock worth $55,456,000 after buying an additional 1,881,074 shares during the period. Finally, Iridian Asset Management LLC CT grew its position in shares of MGM Resorts International by 29.8% during the 2nd quarter. Iridian Asset Management LLC CT now owns 6,236,847 shares of the company’s stock worth $181,056,000 after buying an additional 1,432,566 shares during the period. 80.06% of the stock is owned by institutional investors and hedge funds.

In related news, Director Alexis Herman sold 1,750 shares of the stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $28.28, for a total value of $49,490.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel D’arrigo sold 29,377 shares of the stock in a transaction on Friday, August 31st. The stock was sold at an average price of $29.23, for a total value of $858,689.71. Following the completion of the transaction, the chief financial officer now owns 260,676 shares in the company, valued at $7,619,559.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,627 shares of company stock worth $1,009,155. 0.43% of the stock is owned by company insiders.

Shares of MGM opened at $25.19 on Wednesday. MGM Resorts International has a 12-month low of $23.81 and a 12-month high of $38.41. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $13.42 billion, a P/E ratio of 24.70, a PEG ratio of 4.92 and a beta of 1.40.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Tuesday, October 30th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.03. MGM Resorts International had a return on equity of 5.07% and a net margin of 17.11%. The company had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same period last year, the business earned $0.34 EPS. MGM Resorts International’s quarterly revenue was up 7.0% compared to the same quarter last year. As a group, sell-side analysts forecast that MGM Resorts International will post 0.97 earnings per share for the current fiscal year.

Several brokerages have recently commented on MGM. ValuEngine downgraded shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Wednesday, July 4th. Nomura reduced their price objective on shares of MGM Resorts International from $40.00 to $39.00 and set a “buy” rating for the company in a research report on Monday, July 9th. Bank of America reaffirmed a “buy” rating and set a $30.00 price objective on shares of MGM Resorts International in a research report on Tuesday, October 16th. Telsey Advisory Group reduced their price objective on shares of MGM Resorts International from $34.00 to $31.00 and set a “market perform” rating for the company in a research report on Friday, August 3rd. Finally, Morgan Stanley reduced their price objective on shares of MGM Resorts International from $39.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, July 20th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. MGM Resorts International currently has a consensus rating of “Buy” and an average price target of $36.36.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

Further Reading: Understanding Stock Ratings

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

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