MGM Resorts International (NYSE:MGM) Stock Holdings Reduced by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. reduced its position in MGM Resorts International (NYSE:MGM) by 15.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,826 shares of the company’s stock after selling 2,657 shares during the period. Oppenheimer Asset Management Inc.’s holdings in MGM Resorts International were worth $659,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Thoroughbred Financial Services LLC acquired a new position in MGM Resorts International in the second quarter worth approximately $214,000. DekaBank Deutsche Girozentrale grew its position in MGM Resorts International by 3.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 57,345 shares of the company’s stock worth $2,479,000 after acquiring an additional 2,078 shares in the last quarter. Qsemble Capital Management LP increased its stake in shares of MGM Resorts International by 1,230.6% during the 2nd quarter. Qsemble Capital Management LP now owns 58,321 shares of the company’s stock worth $2,592,000 after purchasing an additional 53,938 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of MGM Resorts International by 2.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 28,007 shares of the company’s stock valued at $1,245,000 after purchasing an additional 797 shares in the last quarter. Finally, Andra AP fonden lifted its stake in shares of MGM Resorts International by 19.1% in the 2nd quarter. Andra AP fonden now owns 204,000 shares of the company’s stock valued at $9,066,000 after purchasing an additional 32,700 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MGM has been the topic of several analyst reports. UBS Group raised shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Stifel Nicolaus increased their price objective on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Susquehanna boosted their target price on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday, August 1st. Wells Fargo & Company lowered their price target on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Finally, Morgan Stanley reduced their price objective on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $53.93.

MGM Resorts International Stock Down 1.1 %

NYSE MGM opened at $37.32 on Friday. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47. The stock has a market cap of $11.71 billion, a PE ratio of 14.17, a PEG ratio of 0.64 and a beta of 2.22. The firm has a 50-day simple moving average of $39.09 and a 200 day simple moving average of $41.25.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.20. The company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. MGM Resorts International’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.59 EPS. On average, research analysts forecast that MGM Resorts International will post 2.68 EPS for the current year.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, CFO Jonathan S. Halkyard acquired 10,000 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $34.00 per share, with a total value of $340,000.00. Following the acquisition, the chief financial officer now owns 38,299 shares of the company’s stock, valued at $1,302,166. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Jonathan S. Halkyard bought 10,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $34.00 per share, with a total value of $340,000.00. Following the acquisition, the chief financial officer now owns 38,299 shares in the company, valued at approximately $1,302,166. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Hornbuckle purchased 58,900 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average cost of $33.73 per share, for a total transaction of $1,986,697.00. Following the purchase, the chief executive officer now owns 377,112 shares in the company, valued at $12,719,987.76. The disclosure for this purchase can be found here. Insiders have acquired 216,400 shares of company stock valued at $7,312,197 in the last 90 days. 2.13% of the stock is currently owned by company insiders.

MGM Resorts International Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. 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.