MGM Resorts International $MGM Stock: Consolidated Investment Group LLC Lowers Position

Key Points

• Consolidated Investment Group cut its MGM stake by 21.3% in the third quarter, selling 45,000 shares and retaining 166,538 shares valued at about $5.17 million. Institutional investors overall own 68.11% of MGM.
• Director Keith Meister bought 1.74 million shares for approximately $51.5 million, increasing his ownership by 32.5%.
• MGM reported a quarterly loss of $0.11 per share, missing the $0.04 consensus estimate, while revenue of $4.21 billion matched expectations. Analysts’ consensus rating is Hold, with an average price target of $44.29.

Consolidated Investment Group LLC decreased its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 21.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 166,538 shares of the company's stock after selling 45,000 shares during the period. Consolidated Investment Group LLC owned approximately 0.07% of MGM Resorts International worth $5,171,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. State Street Corp increased its stake in MGM Resorts International by 0.8% in the 2nd quarter. State Street Corp now owns 7,047,768 shares of the company's stock worth $336,954,000 after acquiring an additional 56,072 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of MGM Resorts International by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company's stock valued at $88,050,000 after acquiring an additional 36,649 shares in the last quarter. Montanova Capital LLC raised its holdings in shares of MGM Resorts International by 7.7% in the 2nd quarter. Montanova Capital LLC now owns 2,325,360 shares of the company's stock valued at $111,175,000 after acquiring an additional 166,560 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of MGM Resorts International by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company's stock valued at $76,426,000 after acquiring an additional 46,268 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in shares of MGM Resorts International by 2.2% during the 1st quarter. Royal Bank of Canada now owns 1,110,977 shares of the company's stock valued at $41,117,000 after acquiring an additional 23,951 shares during the last quarter. Institutional investors own 68.11% of the company's stock.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith Meister bought 1,738,074 shares of MGM Resorts International stock in a transaction that occurred on Friday, October 30th. The shares were bought at an average price of $29.64 per share, with a total value of $51,516,513.36. Following the acquisition, the director owned 7,086,052 shares in the company, valued at approximately $210,030,581.28. This trade represents a 32.50% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.38% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on MGM shares. Capital One Financial boosted their price objective on MGM Resorts International from $53.00 to $57.00 and gave the stock an "overweight" rating in a report on Monday, September 21st. Stifel Nicolaus decreased their price objective on shares of MGM Resorts International from $40.00 to $35.00 and set a "hold" rating on the stock in a research report on Thursday, October 29th. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $26.00 target price on shares of MGM Resorts International in a research note on Thursday, October 29th. Weiss Ratings downgraded shares of MGM Resorts International from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, October 26th. Finally, Zacks Research lowered shares of MGM Resorts International from a "hold" rating to a "strong sell" rating in a research report on Friday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of "Hold" and an average target price of $44.29.

MGM Resorts International Stock Up 1.6%

Shares of NYSE MGM opened at $32.87 on Tuesday. MGM Resorts International has a one year low of $26.71 and a one year high of $51.59. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.24 and a quick ratio of 1.20. The firm's 50 day simple moving average is $33.44 and its two-hundred day simple moving average is $38.93. The stock has a market capitalization of $8.32 billion, a P/E ratio of 12.50, a PEG ratio of 1.95 and a beta of 1.34.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.15). The business had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 20.58% and a net margin of 3.92%. The company's revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.24 earnings per share. As a group, analysts expect that MGM Resorts International will post 1.62 EPS for the current fiscal year.

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that develops, owns and operates resorts featuring casinos, hotels, restaurants, live entertainment, meeting spaces and other leisure amenities. Its portfolio includes well-known Las Vegas properties as well as resorts in other U.S. markets.

The company also has a presence in Macau through its MGM China subsidiary, which operates integrated resorts including MGM Macau and MGM Cotai. MGM Resorts offers online sports betting and gaming through BetMGM, its digital gaming brand.

Originally known as MGM Grand Inc, the company adopted the name MGM Resorts International in 2010.

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