Shikiar Asset Management Inc. Reduces Stock Position in MGM Resorts International (NYSE:MGM)

Shikiar Asset Management Inc. reduced its holdings in MGM Resorts International (NYSE:MGMGet Rating) by 1.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 214,300 shares of the company’s stock after selling 3,075 shares during the period. MGM Resorts International makes up 2.5% of Shikiar Asset Management Inc.’s portfolio, making the stock its 12th largest holding. Shikiar Asset Management Inc.’s holdings in MGM Resorts International were worth $8,988,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of MGM. Veriti Management LLC lifted its holdings in shares of MGM Resorts International by 1.8% in the 4th quarter. Veriti Management LLC now owns 12,732 shares of the company’s stock worth $571,000 after acquiring an additional 229 shares during the last quarter. Heartland Bank & Trust Co lifted its holdings in shares of MGM Resorts International by 1.7% in the 4th quarter. Heartland Bank & Trust Co now owns 14,714 shares of the company’s stock worth $660,000 after acquiring an additional 252 shares during the last quarter. Lincoln National Corp lifted its holdings in shares of MGM Resorts International by 3.0% in the 4th quarter. Lincoln National Corp now owns 8,677 shares of the company’s stock worth $389,000 after acquiring an additional 254 shares during the last quarter. Kentucky Retirement Systems lifted its holdings in shares of MGM Resorts International by 1.1% in the 4th quarter. Kentucky Retirement Systems now owns 24,157 shares of the company’s stock worth $1,084,000 after acquiring an additional 259 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV lifted its holdings in shares of MGM Resorts International by 60.0% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 800 shares of the company’s stock worth $36,000 after acquiring an additional 300 shares during the last quarter. 85.76% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts recently weighed in on MGM shares. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of MGM Resorts International from $52.00 to $48.00 in a report on Friday, May 20th. UBS Group decreased their price objective on shares of MGM Resorts International to $40.00 in a report on Thursday, June 9th. TheStreet lowered shares of MGM Resorts International from a “b-” rating to a “c+” rating in a report on Tuesday, March 8th. Susquehanna Bancshares upgraded shares of MGM Resorts International from a “negative” rating to a “neutral” rating and lifted their price objective for the company from $36.00 to $45.00 in a report on Friday, March 18th. Finally, JPMorgan Chase & Co. started coverage on shares of MGM Resorts International in a report on Tuesday, May 3rd. They set an “overweight” rating and a $53.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.93.

Shares of MGM Resorts International stock opened at $27.21 on Thursday. The firm’s 50 day moving average price is $35.77 and its 200-day moving average price is $40.38. The company has a quick ratio of 1.23, a current ratio of 1.25 and a debt-to-equity ratio of 1.06. MGM Resorts International has a 52-week low of $26.69 and a 52-week high of $51.17. The company has a market cap of $11.59 billion, a P/E ratio of 8.83 and a beta of 2.19.

MGM Resorts International (NYSE:MGMGet Rating) last issued its quarterly earnings data on Monday, May 2nd. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.10. MGM Resorts International had a net margin of 14.40% and a return on equity of 0.81%. The firm had revenue of $2.85 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the previous year, the firm earned ($0.68) EPS. As a group, equities research analysts forecast that MGM Resorts International will post 0.79 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Friday, June 10th were given a $0.0025 dividend. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.04%. The ex-dividend date was Thursday, June 9th. MGM Resorts International’s payout ratio is currently 0.32%.

In other MGM Resorts International news, CEO William Hornbuckle sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 20th. The shares were sold at an average price of $43.00, for a total transaction of $430,000.00. Following the sale, the chief executive officer now owns 132,603 shares of the company’s stock, valued at approximately $5,701,929. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Paul J. Salem bought 34,500 shares of the company’s stock in a transaction on Monday, June 13th. The shares were bought at an average cost of $28.92 per share, for a total transaction of $997,740.00. Following the transaction, the director now owns 1,555,000 shares in the company, valued at approximately $44,970,600. The disclosure for this purchase can be found here. 2.13% of the stock is owned by insiders.

MGM Resorts International Company Profile (Get Rating)

MGM Resorts International, through its subsidiaries, owns and operates 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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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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