MGM Resorts International (NYSE:MGM) Shares Sold by Oppenheimer Asset Management Inc.

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Oppenheimer Asset Management Inc. reduced its position in MGM Resorts International (NYSE:MGM) by 1.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 28,654 shares of the company’s stock after selling 454 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in MGM Resorts International were worth $794,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Patriot Financial Group Insurance Agency LLC raised its position in MGM Resorts International by 3,000.0% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 930 shares of the company’s stock worth $27,000 after acquiring an additional 900 shares during the period. Trust Co. of Vermont acquired a new position in MGM Resorts International during the second quarter worth $43,000. Valeo Financial Advisors LLC raised its position in MGM Resorts International by 407.7% during the second quarter. Valeo Financial Advisors LLC now owns 1,523 shares of the company’s stock worth $44,000 after acquiring an additional 1,223 shares during the period. Stephens Inc. AR raised its position in MGM Resorts International by 33.6% during the third quarter. Stephens Inc. AR now owns 2,193 shares of the company’s stock worth $61,000 after acquiring an additional 552 shares during the period. Finally, Resources Investment Advisors LLC. raised its position in MGM Resorts International by 256.4% during the second quarter. Resources Investment Advisors LLC. now owns 2,780 shares of the company’s stock worth $79,000 after acquiring an additional 2,000 shares during the period. Hedge funds and other institutional investors own 82.35% of the company’s stock.

MGM Resorts International stock opened at $31.41 on Friday. MGM Resorts International has a 52-week low of $21.61 and a 52-week high of $31.68. The firm has a market capitalization of $15.85 billion, a price-to-earnings ratio of 31.73, a PEG ratio of 4.36 and a beta of 1.48. The company has a fifty day simple moving average of $28.18 and a 200-day simple moving average of $27.88. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 1.47.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 30th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.37). MGM Resorts International had a return on equity of 4.10% and a net margin of 0.11%. The business had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.33 billion. During the same period in the previous year, the company earned $0.24 EPS. MGM Resorts International’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, research analysts anticipate that MGM Resorts International will post 0.85 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 10th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Monday, December 9th. MGM Resorts International’s dividend payout ratio is currently 52.53%.

In related news, Director Rose Mckinney-James sold 2,670 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $28.15, for a total value of $75,160.50. Following the completion of the sale, the director now owns 4,616 shares of the company’s stock, valued at $129,940.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary Christine Gay sold 5,200 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $29.20, for a total transaction of $151,840.00. Following the completion of the sale, the director now directly owns 17,716 shares of the company’s stock, valued at approximately $517,307.20. The disclosure for this sale can be found here. Corporate insiders own 3.47% of the company’s stock.

A number of research firms have weighed in on MGM. ValuEngine cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th. Morgan Stanley dropped their target price on shares of MGM Resorts International from $32.00 to $31.00 and set an “equal weight” rating for the company in a report on Tuesday, September 17th. Bank of America lowered shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Friday, August 2nd. UBS Group upped their target price on shares of MGM Resorts International from $30.00 to $31.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, Argus upped their target price on shares of MGM Resorts International to $35.00 and gave the stock a “buy” rating in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $31.20.

MGM Resorts International Profile

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. 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.

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Want to see what other hedge funds are holding MGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGM Resorts International (NYSE:MGM).

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

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