MGM Resorts International (MGM) : Hg Vora Capital Management reduced its stake in MGM Resorts International by 44.33% during the most recent quarter end. The investment management company now holds a total of 2,700,000 shares of MGM Resorts International which is valued at $74,250,000 after selling 2,150,000 shares in MGM Resorts International , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.MGM Resorts International makes up approximately 16.54% of Hg Vora Capital Management’s portfolio.
Other Hedge Funds, Including , Sterling Capital Management added MGM to its portfolio by purchasing 12,973 company shares during the most recent quarter which is valued at $355,071.Finemark National Bank Trust reduced its stake in MGM by selling 63 shares or 1.5% in the most recent quarter. The Hedge Fund company now holds 4,124 shares of MGM which is valued at $114,936. MGM Resorts International makes up approx 0.01% of Finemark National Bank Trust’s portfolio.Ls Investment Advisors reduced its stake in MGM by selling 1,680 shares or 22.47% in the most recent quarter. The Hedge Fund company now holds 5,795 shares of MGM which is valued at $157,508. MGM Resorts International makes up approx 0.01% of Ls Investment Advisors’s portfolio.Global X Management Co boosted its stake in MGM in the latest quarter, The investment management firm added 2,158 additional shares and now holds a total of 6,709 shares of MGM Resorts International which is valued at $177,185. MGM Resorts International makes up approx 0.01% of Global X Management Co’s portfolio.
MGM Resorts International opened for trading at $28.2 and hit $28.73 on the upside on Monday, eventually ending the session at $28.43, with a gain of 1.43% or 0.4 points. The heightened volatility saw the trading volume jump to 98,23,478 shares. Company has a market cap of $16,301 M.
On the company’s financial health, MGM Resorts International reported $0.58 EPS for the quarter, beating the analyst consensus estimate by $ 0.40 according to the earnings call on Nov 7, 2016. Analyst had a consensus of $0.18. The company had revenue of $2515.00 million for the quarter, compared to analysts expectations of $2387.16 million. The company’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS.
Many Wall Street Analysts have commented on MGM Resorts International. Company shares were Reiterated by Telsey Advisory Group on Nov 8, 2016 to “Outperform”, Firm has raised the Price Target to $ 33 from a previous price target of $29 .Company shares were Reiterated by Nomura on Oct 5, 2016 to “Buy”, Firm has raised the Price Target to $ 32 from a previous price target of $28 .
MGM Resorts International is a holding company. Through its wholly owned subsidiaries the Company owns and operates casino resorts. The Company operates in two segments: wholly owned domestic resorts and MGM China. The wholly owned domestic resorts segment includes non-gaming operations including hotel food and beverage entertainment and other non-gaming amenities. Its casino operations feature a variety of table games and race and sports book wagering. It operates over 15 wholly owned resorts in the United States. The MGM China segments operations consist of the MGM Macau resort and casino (MGM Macau) and the development of a gaming resort in Cotai Macau. It owns and operates two resorts in Mississippi which includes Beau Rivage in Biloxi and Gold Strike Tunica. It also owns Shadow Creek Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier Mississippi.