Trading Report: The MGM Resorts International (MGM) Position Boosted by Strs Ohio

The MGM Resorts International (MGM) Position Boosted by Strs Ohio

Strs Ohio boosted its stake in shares of MGM Resorts International (NYSE:MGM) by 33.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 52,494 shares of the company’s stock after buying an additional 13,203 shares during the period. Strs Ohio’s holdings in MGM Resorts International were worth $1,187,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in MGM. State Street Corp boosted its position in MGM Resorts International by 2.2% in the first quarter. State Street Corp now owns 7,836,892 shares of the company’s stock valued at $168,028,000 after buying an additional 168,059 shares in the last quarter. Bridger Management LLC bought a new position in MGM Resorts International during the first quarter worth approximately $84,880,000. BlackRock Group LTD boosted its position in MGM Resorts International by 3.9% in the first quarter. BlackRock Group LTD now owns 3,142,902 shares of the company’s stock worth $67,383,000 after buying an additional 116,630 shares during the period. Geode Capital Management LLC boosted its position in MGM Resorts International by 4.1% in the first quarter. Geode Capital Management LLC now owns 2,854,644 shares of the company’s stock worth $61,171,000 after buying an additional 111,720 shares during the period. Finally, Wellington Management Group LLP boosted its position in MGM Resorts International by 6.4% in the first quarter. Wellington Management Group LLP now owns 803,748 shares of the company’s stock worth $17,232,000 after buying an additional 48,177 shares during the period. 71.23% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International (NYSE:MGM) traded down 1.03% during mid-day trading on Thursday, hitting $26.06. The stock had a trading volume of 3,990,957 shares. The firm’s market cap is $14.74 billion. MGM Resorts International has a 52 week low of $16.18 and a 52 week high of $27.04. The company’s 50 day moving average price is $25.29 and its 200 day moving average price is $23.60.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, August 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.28 by $0.02. MGM Resorts International had a positive return on equity of 3.65% and a negative net margin of 1.90%. The company earned $2.45 billion during the quarter, compared to the consensus estimate of $2.33 billion. During the same quarter in the prior year, the business earned $0.19 EPS. The firm’s revenue for the quarter was down 4.8% compared to the same quarter last year. Analysts anticipate that MGM Resorts International will post $0.67 earnings per share for the current year.

MGM has been the subject of a number of research analyst reports. Deutsche Bank AG reaffirmed a “buy” rating and set a $29.00 price objective on shares of MGM Resorts International in a research report on Friday, June 17th. Telsey Advisory Group lifted their price objective on shares of MGM Resorts International from $27.00 to $29.00 and gave the stock an “outperform” rating in a research report on Friday, June 17th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Friday, June 17th. Stifel Nicolaus reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Friday, June 17th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Friday, June 17th. One investment analyst has rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of C$28.17.

In other MGM Resorts International news, EVP John Mcmanus sold 12,363 shares of the firm’s stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of C$24.44, for a total value of C$302,151.72. Following the completion of the transaction, the executive vice president now owns 40,071 shares in the company, valued at approximately C$979,335.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Alexis Herman sold 2,391 shares of the firm’s stock in a transaction dated Friday, August 12th. The stock was sold at an average price of C$24.66, for a total value of C$58,962.06. Following the completion of the transaction, the director now owns 24,511 shares of the company’s stock, valued at approximately C$604,441.26. The disclosure for this sale can be found here. 16.90% of the stock is owned by company insiders.

About MGM Resorts International

MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations.

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