Shikiar Asset Management Inc. Decreases Stake in MGM Resorts International $MGM

Key Points

• Shikiar Asset Management Inc. reduced its stake in MGM Resorts International by 42.1%, selling 76,070 shares and holding 104,655 shares valued at approximately $3.6 million at the end of the quarter.
• Hedge fund activity around MGM Resorts has varied, with Davis Selected Advisers increasing its stake by 4.5% and AQR Capital Management growing its position by 104.2% in recent quarters.
• MGM Resorts reported $4.4 billion in revenue for its last quarter, beating estimates, and earning $0.79 EPS, above the consensus estimate of $0.58.

Shikiar Asset Management Inc. lowered its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 42.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 104,655 shares of the company's stock after selling 76,070 shares during the quarter. Shikiar Asset Management Inc.'s holdings in MGM Resorts International were worth $3,599,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Davis Selected Advisers increased its position in MGM Resorts International by 4.5% during the first quarter. Davis Selected Advisers now owns 20,815,057 shares of the company's stock worth $616,958,000 after buying an additional 894,344 shares during the period. Invesco Ltd. lifted its stake in shares of MGM Resorts International by 7.7% in the first quarter. Invesco Ltd. now owns 6,233,213 shares of the company's stock valued at $184,752,000 after purchasing an additional 447,870 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in shares of MGM Resorts International in the 2nd quarter worth approximately $171,632,000. AQR Capital Management LLC grew its stake in MGM Resorts International by 104.2% in the 1st quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company's stock valued at $75,962,000 after acquiring an additional 1,332,313 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in MGM Resorts International by 0.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,985,513 shares of the company's stock valued at $58,851,000 after buying an additional 5,407 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

MGM Resorts International Price Performance

NYSE MGM opened at $32.47 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $8.84 billion, a PE ratio of 17.84, a price-to-earnings-growth ratio of 1.37 and a beta of 1.67. The company has a 50 day moving average price of $35.89 and a two-hundred day moving average price of $34.02. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $42.53.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.21. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The firm's revenue was up 1.8% compared to the same quarter last year. During the same period last year, the business posted $0.86 earnings per share. As a group, equities analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In related news, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares of the company's stock, valued at $1,138,538.52. This trade represents a 65.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Keith A. Meister sold 242,000 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total value of $8,571,640.00. Following the completion of the transaction, the director directly owned 5,385,478 shares in the company, valued at $190,753,630.76. The trade was a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company's stock.

Wall Street Analysts Forecast Growth

MGM has been the subject of several analyst reports. Stifel Nicolaus boosted their price target on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Seaport Res Ptn cut shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. The Goldman Sachs Group reduced their price objective on shares of MGM Resorts International from $37.00 to $34.00 and set a "sell" rating on the stock in a research note on Wednesday, October 1st. JPMorgan Chase & Co. assumed coverage on MGM Resorts International in a research report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price target on the stock. Finally, Barclays upped their target price on MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.50.

MGM Resorts International 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.