Mackay Shields LLC Raises Position in MGM Resorts International (NYSE:MGM)

Mackay Shields LLC boosted its stake in MGM Resorts International (NYSE:MGM) by 118.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 270,145 shares of the company’s stock after buying an additional 146,751 shares during the period. Mackay Shields LLC owned 0.05% of MGM Resorts International worth $7,489,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of MGM. Patriot Financial Group Insurance Agency LLC lifted its holdings in MGM Resorts International by 3,000.0% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 930 shares of the company’s stock worth $27,000 after buying an additional 900 shares during the period. Trust Co. of Vermont purchased a new stake in MGM Resorts International in the second quarter worth about $43,000. Valeo Financial Advisors LLC increased its stake in shares of MGM Resorts International by 407.7% during the second quarter. Valeo Financial Advisors LLC now owns 1,523 shares of the company’s stock valued at $44,000 after purchasing an additional 1,223 shares in the last quarter. Stephens Inc. AR increased its stake in shares of MGM Resorts International by 33.6% during the third quarter. Stephens Inc. AR now owns 2,193 shares of the company’s stock valued at $61,000 after purchasing an additional 552 shares in the last quarter. Finally, Resources Investment Advisors LLC. increased its stake in shares of MGM Resorts International by 256.4% during the second quarter. Resources Investment Advisors LLC. now owns 2,780 shares of the company’s stock valued at $79,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 82.35% of the company’s stock.

In related news, insider Atif Rafiq purchased 8,761 shares of MGM Resorts International stock in a transaction on Thursday, August 22nd. The shares were bought at an average cost of $28.55 per share, for a total transaction of $250,126.55. Following the acquisition, the insider now owns 8,761 shares in the company, valued at approximately $250,126.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith A. Meister purchased 79,000 shares of MGM Resorts International stock in a transaction on Monday, November 4th. The stock was bought at an average price of $29.43 per share, for a total transaction of $2,324,970.00. The disclosure for this purchase can be found here. 3.47% of the stock is currently owned by insiders.

MGM stock traded up $0.37 on Friday, hitting $31.19. The company had a trading volume of 81,565 shares, compared to its average volume of 5,100,724. MGM Resorts International has a 12-month low of $21.61 and a 12-month high of $31.68. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 1.47. The stock’s 50-day simple moving average is $28.14 and its 200 day simple moving average is $27.86. The stock has a market cap of $15.85 billion, a price-to-earnings ratio of 31.34, a P/E/G ratio of 4.36 and a beta of 1.48.

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

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 10th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date is Monday, December 9th. MGM Resorts International’s dividend payout ratio (DPR) is 52.53%.

A number of equities analysts have weighed in on MGM shares. Roth Capital reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Thursday, October 31st. Susquehanna Bancshares started coverage on shares of MGM Resorts International in a research note on Wednesday, July 24th. They set a “negative” rating and a $23.00 target price for the company. Citigroup started coverage on shares of MGM Resorts International in a research note on Wednesday, July 24th. They set a $23.00 target price for the company. Bank of America downgraded shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of MGM Resorts International from $37.00 to $36.00 and set an “overweight” rating for the company in a research note on Friday, September 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. MGM Resorts International presently has a consensus rating of “Hold” and a consensus target price of $31.20.

About MGM Resorts International

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.

Featured Story: Intrinsic Value

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

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