Consolidated Investment Group LLC cut its stake in shares of MGM Resorts International (NYSE:MGM) by 7.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 165,273 shares of the company’s stock after selling 13,800 shares during the period. MGM Resorts International makes up about 2.8% of Consolidated Investment Group LLC’s portfolio, making the stock its 10th largest position. Consolidated Investment Group LLC’s holdings in MGM Resorts International were worth $5,171,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in MGM Resorts International by 8.4% in the first quarter. Vanguard Group Inc. now owns 39,845,368 shares of the company’s stock valued at $1,091,763,000 after buying an additional 3,096,490 shares during the period. Harris Associates L P raised its stake in MGM Resorts International by 40.7% in the first quarter. Harris Associates L P now owns 23,573,669 shares of the company’s stock valued at $645,919,000 after buying an additional 6,814,070 shares during the period. BlackRock Inc. raised its stake in MGM Resorts International by 9,411.8% in the first quarter. BlackRock Inc. now owns 22,704,066 shares of the company’s stock valued at $622,092,000 after buying an additional 22,465,373 shares during the period. Canyon Capital Advisors LLC raised its stake in MGM Resorts International by 19.3% in the first quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock valued at $488,234,000 after buying an additional 2,877,500 shares during the period. Finally, State Street Corp raised its stake in MGM Resorts International by 5.9% in the first quarter. State Street Corp now owns 8,842,166 shares of the company’s stock valued at $242,281,000 after buying an additional 495,240 shares during the period. 73.49% of the stock is owned by hedge funds and other institutional investors.

Shares of MGM Resorts International (MGM) opened at 31.55 on Wednesday. The stock has a 50 day moving average of $32.57 and a 200-day moving average of $29.85. MGM Resorts International has a 1-year low of $23.38 and a 1-year high of $34.53. The firm has a market capitalization of $18.14 billion, a P/E ratio of 18.67 and a beta of 1.48.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. MGM Resorts International’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.29 earnings per share. On average, equities analysts expect that MGM Resorts International will post $1.24 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Friday, September 8th. MGM Resorts International’s dividend payout ratio (DPR) is 26.04%.

COPYRIGHT VIOLATION NOTICE: “MGM Resorts International (NYSE:MGM) is Consolidated Investment Group LLC’s 10th Largest Position” was first published by Daily Political and is the sole property of of Daily Political. If you are reading this article on another domain, it was illegally copied and reposted in violation of U.S. & international trademark & copyright legislation. The correct version of this article can be accessed at https://www.dailypolitical.com/2017/08/09/mgm-resorts-international-nysemgm-is-consolidated-investment-group-llcs-10th-largest-position.html.

Several equities analysts have recently weighed in on MGM shares. BidaskClub lowered shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 1st. Telsey Advisory Group reissued an “outperform” rating and issued a $36.00 price objective (up from $32.00) on shares of MGM Resorts International in a research report on Thursday, April 27th. Aegis reissued a “buy” rating and issued a $35.00 price objective (up from $33.00) on shares of MGM Resorts International in a research report on Saturday, April 29th. UBS AG reissued a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 10th. Finally, Nomura reissued a “buy” rating and issued a $35.00 price objective on shares of MGM Resorts International in a research report on Friday, April 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $34.59.

In related news, EVP John Mcmanus sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $31.28, for a total value of $312,800.00. Following the transaction, the executive vice president now directly owns 46,917 shares in the company, valued at $1,467,563.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mary Christine Gay sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $31.88, for a total transaction of $95,640.00. Following the completion of the transaction, the director now owns 11,208 shares in the company, valued at $357,311.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 105,501 shares of company stock worth $3,417,518. 12.20% of the stock is owned by company insiders.

About MGM Resorts International

MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.

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

Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.