MGM Resorts International (NYSE:MGM) Holdings Reduced by Gabelli Funds LLC

Gabelli Funds LLC cut its stake in MGM Resorts International (NYSE:MGM) by 0.8% in the 2nd quarter, HoldingsChannel reports. The fund owned 322,450 shares of the company’s stock after selling 2,500 shares during the period. Gabelli Funds LLC’s holdings in MGM Resorts International were worth $14,162,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in MGM. RB Capital Management LLC boosted its holdings in shares of MGM Resorts International by 29.1% in the first quarter. RB Capital Management LLC now owns 7,796 shares of the company’s stock valued at $327,000 after acquiring an additional 1,756 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of MGM Resorts International by 10.7% in the first quarter. American Century Companies Inc. now owns 24,436 shares of the company’s stock valued at $1,024,000 after acquiring an additional 2,368 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of MGM Resorts International by 3.2% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 50,398 shares of the company’s stock valued at $2,114,000 after acquiring an additional 1,542 shares in the last quarter. Synovus Financial Corp boosted its holdings in shares of MGM Resorts International by 107.5% in the first quarter. Synovus Financial Corp now owns 12,597 shares of the company’s stock valued at $529,000 after acquiring an additional 6,526 shares in the last quarter. Finally, Cibc World Market Inc. boosted its holdings in shares of MGM Resorts International by 81.6% in the first quarter. Cibc World Market Inc. now owns 10,980 shares of the company’s stock valued at $461,000 after acquiring an additional 4,934 shares in the last quarter. 66.46% of the stock is currently owned by institutional investors.

MGM Resorts International Stock Performance

NYSE MGM opened at $40.31 on Tuesday. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.78 and a quick ratio of 1.73. The firm has a market capitalization of $13.77 billion, a price-to-earnings ratio of 13.71 and a beta of 2.17. The company’s fifty day moving average is $37.50 and its two-hundred day moving average is $41.73. MGM Resorts International has a 52-week low of $32.43 and a 52-week high of $51.35.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, November 8th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $3.86 billion. MGM Resorts International had a net margin of 7.23% and a return on equity of 18.04%. The business’s quarterly revenue was up 16.3% on a year-over-year basis. During the same period last year, the business posted ($1.39) EPS. Equities research analysts forecast that MGM Resorts International will post 2.22 EPS for the current year.

MGM Resorts International announced that its board has initiated a stock repurchase program on Wednesday, November 8th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 14.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MGM. StockNews.com cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, October 13th. Barclays reduced their target price on shares of MGM Resorts International from $64.00 to $62.00 and set an “overweight” rating for the company in a report on Thursday, August 3rd. Morgan Stanley reduced their target price on shares of MGM Resorts International from $42.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, November 13th. Citigroup raised their target price on shares of MGM Resorts International from $63.00 to $66.50 in a report on Friday, August 4th. Finally, TheStreet cut shares of MGM Resorts International from a “b” rating to a “c+” rating in a report on Wednesday, August 2nd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $56.35.

MGM Resorts International Profile

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