Shikiar Asset Management Inc. Acquires 29,150 Shares of MGM Resorts International (NYSE:MGM)

Shikiar Asset Management Inc. grew its holdings in shares of MGM Resorts International (NYSE:MGM) by 15.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 219,025 shares of the company’s stock after buying an additional 29,150 shares during the period. MGM Resorts International makes up 2.6% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 13th largest holding. Shikiar Asset Management Inc. owned about 0.07% of MGM Resorts International worth $9,733,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MGM. International Assets Investment Management LLC grew its position in shares of MGM Resorts International by 5,605.2% during the 4th quarter. International Assets Investment Management LLC now owns 44,101 shares of the company’s stock valued at $1,970,000 after purchasing an additional 43,328 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of MGM Resorts International in the fourth quarter worth about $252,000. Sandy Spring Bank increased its position in MGM Resorts International by 33.7% in the fourth quarter. Sandy Spring Bank now owns 1,143 shares of the company’s stock worth $51,000 after purchasing an additional 288 shares during the last quarter. Cerity Partners LLC boosted its holdings in MGM Resorts International by 5.1% during the 4th quarter. Cerity Partners LLC now owns 16,925 shares of the company’s stock valued at $757,000 after acquiring an additional 822 shares during the period. Finally, Louisiana State Employees Retirement System bought a new stake in MGM Resorts International during the 4th quarter valued at $737,000. 68.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. StockNews.com cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Mizuho lifted their price target on shares of MGM Resorts International from $61.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Susquehanna raised their price target on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research report on Thursday, August 1st. Barclays raised their target price on shares of MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Finally, Stifel Nicolaus increased their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Insider Transactions at MGM Resorts International

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

MGM Resorts International Stock Down 0.2 %

Shares of MGM stock traded down $0.08 during mid-day trading on Wednesday, reaching $38.08. 3,333,989 shares of the company’s stock traded hands, compared to its average volume of 4,001,482. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The company’s 50-day moving average price is $41.59 and its 200-day moving average price is $42.40. The company has a market cap 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. The company has a quick ratio of 1.46, a current ratio of 1.47 and a debt-to-equity ratio of 1.65.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter last year, the company earned $0.59 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. On average, equities analysts expect that MGM Resorts International will post 3 earnings per share for the current fiscal year.

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.