GABELLI & Co INVESTMENT ADVISERS INC. Increases Holdings in MGM Resorts International (MGM)

GABELLI & Co INVESTMENT ADVISERS INC. boosted its holdings in shares of MGM Resorts International (NYSE:MGM) by 22.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,000 shares of the company’s stock after acquiring an additional 2,000 shares during the quarter. GABELLI & Co INVESTMENT ADVISERS INC.’s holdings in MGM Resorts International were worth $307,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Gamco Investors INC. ET AL boosted its position in MGM Resorts International by 12.4% during the 3rd quarter. Gamco Investors INC. ET AL now owns 2,227,091 shares of the company’s stock worth $62,158,000 after acquiring an additional 245,391 shares during the period. Stratos Wealth Partners LTD. acquired a new stake in shares of MGM Resorts International during the 3rd quarter valued at about $102,000. TD Asset Management Inc. lifted its holdings in shares of MGM Resorts International by 111.8% during the 3rd quarter. TD Asset Management Inc. now owns 1,609,106 shares of the company’s stock valued at $44,910,000 after buying an additional 849,199 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in shares of MGM Resorts International during the 3rd quarter valued at about $3,537,000. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of MGM Resorts International by 0.5% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 689,828 shares of the company’s stock valued at $19,253,000 after buying an additional 3,416 shares during the last quarter. Hedge funds and other institutional investors own 80.23% of the company’s stock.

Several equities research analysts have recently issued reports on the company. Nomura reduced their price target on MGM Resorts International from $40.00 to $39.00 and set a “buy” rating for the company in a report on Monday, July 9th. Telsey Advisory Group reduced their price target on MGM Resorts International from $34.00 to $31.00 and set a “market perform” rating for the company in a report on Friday, August 3rd. Morgan Stanley reduced their price target on MGM Resorts International from $39.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, July 20th. Barclays reduced their price target on MGM Resorts International from $39.00 to $37.00 and set an “overweight” rating for the company in a report on Monday, August 6th. Finally, Bank of America reiterated a “buy” rating and set a $30.00 price target on shares of MGM Resorts International in a report on Tuesday, October 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. MGM Resorts International has an average rating of “Buy” and a consensus target price of $36.36.

MGM opened at $27.62 on Tuesday. The company has a market cap of $15.15 billion, a PE ratio of 27.08, a PEG ratio of 3.58 and a beta of 1.39. The company has a current ratio of 0.74, a quick ratio of 0.71 and a debt-to-equity ratio of 1.36. MGM Resorts International has a 1 year low of $23.81 and a 1 year high of $38.41.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Tuesday, October 30th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.06. The business had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $2.99 billion. MGM Resorts International had a return on equity of 4.51% and a net margin of 16.75%. MGM Resorts International’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 earnings per share. As a group, research analysts predict that MGM Resorts International will post 1.09 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Monday, December 10th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Friday, December 7th. MGM Resorts International’s dividend payout ratio is presently 47.06%.

In other news, insider Phyllis James sold 15,815 shares of the business’s stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $28.26, for a total transaction of $446,931.90. Following the sale, the insider now directly owns 13,164 shares in the company, valued at $372,014.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel D’arrigo sold 29,377 shares of the business’s stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $29.23, for a total value of $858,689.71. Following the sale, the chief financial officer now owns 260,676 shares in the company, valued at $7,619,559.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,942 shares of company stock worth $1,355,112. 0.43% of the stock is currently owned by company insiders.

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About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

Further Reading: Understanding each part of a balance sheet

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

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