Sonora Investment Management Lowers stake in MGM Resorts International (MGM)

MGM Resorts International (MGM) : Sonora Investment Management reduced its stake in MGM Resorts International by 1.36% during the most recent quarter end. The investment management company now holds a total of 75,383 shares of MGM Resorts International which is valued at $1,941,112 after selling 1,042 shares in MGM Resorts International , the firm said in a disclosure report filed with the SEC on Oct 17, 2016.MGM Resorts International makes up approximately 1.01% of Sonora Investment Management’s portfolio.

Other Hedge Funds, Including , Creative Planning reduced its stake in MGM by selling 800 shares or 0.84% in the most recent quarter. The Hedge Fund company now holds 93,926 shares of MGM which is valued at $2,493,735. MGM Resorts International makes up approx 0.02% of Creative Planning’s portfolio.Genesee Valley Trust Co reduced its stake in MGM by selling 16 shares or 0.13% in the most recent quarter. The Hedge Fund company now holds 11,885 shares of MGM which is valued at $315,547. MGM Resorts International makes up approx 0.20% of Genesee Valley Trust Co’s portfolio.Morgens Waterfall Vintiadis Co Inc boosted its stake in MGM in the latest quarter, The investment management firm added 63,000 additional shares and now holds a total of 115,000 shares of MGM Resorts International which is valued at $3,053,250. MGM Resorts International makes up approx 2.76% of Morgens Waterfall Vintiadis Co Inc’s portfolio.Cupps Capital Management reduced its stake in MGM by selling 56,363 shares or 99.8% in the most recent quarter. The Hedge Fund company now holds 112 shares of MGM which is valued at $3,000. Washington Trust Bank added MGM to its portfolio by purchasing 44 company shares during the most recent quarter which is valued at $1,172.

MGM Resorts International closed down -0.31 points or -1.19% at $25.75 with 38,06,401 shares getting traded on Friday. Post opening the session at $26.24, the shares hit an intraday low of $25.62 and an intraday high of $26.33 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, MGM Resorts International reported $0.29 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $0.25. The company had revenue of $2269.50 million for the quarter, compared to analysts expectations of $2330.39 million. The company’s revenue was down -4.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.19 EPS.

Many Wall Street Analysts have commented on MGM Resorts International. 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 segment’s 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.

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