Freestone Capital Holdings LLC Makes New Investment in MGM Resorts International (NYSE:MGM)

Freestone Capital Holdings LLC bought a new position in shares of MGM Resorts International (NYSE:MGM) during the 3rd quarter, Holdings Channel.com reports. The firm bought 2,976 shares of the company’s stock, valued at approximately $65,000.
A number of other institutional investors have also bought and sold shares of MGM. First Trust Advisors LP increased its position in MGM Resorts International by 871.5% during the second quarter. First Trust Advisors LP now owns 1,466,675 shares of the company’s stock worth $24,640,000 after buying an additional 1,315,711 shares during the last quarter. Psagot Investment House Ltd. bought a new stake in MGM Resorts International during the second quarter valued at about $17,653,000. Provident Investment Management Inc. bought a new stake in shares of MGM Resorts International in the third quarter valued at about $20,843,000. American Assets Capital Advisers LLC lifted its stake in shares of MGM Resorts International by 81.0% in the third quarter. American Assets Capital Advisers LLC now owns 1,171,625 shares of the company’s stock valued at $25,483,000 after buying an additional 524,196 shares during the period. Finally, Morgan Stanley lifted its stake in shares of MGM Resorts International by 24.4% in the first quarter. Morgan Stanley now owns 2,128,283 shares of the company’s stock valued at $25,116,000 after buying an additional 417,247 shares during the period. 66.23% of the stock is currently owned by hedge funds and other institutional investors. Get MGM Resorts International alerts:
NYSE MGM opened at $26.51 on Tuesday. The firm has a market cap of $13.09 billion, a price-to-earnings ratio of 9.47 and a beta of 2.28. The company has a 50 day moving average of $22.07 and a 200-day moving average of $19.51. The company has a current ratio of 2.24, a quick ratio of 2.20 and a debt-to-equity ratio of 0.98. MGM Resorts International has a 1-year low of $5.90 and a 1-year high of $34.63.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, October 29th. The company reported ($1.08) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.10) by $0.02. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.30 billion. MGM Resorts International had a net margin of 20.81% and a negative return on equity of 12.08%. The company’s revenue was down 66.0% on a year-over-year basis. During the same quarter last year, the business posted $0.31 earnings per share. On average, analysts forecast that MGM Resorts International will post -4.1 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Thursday, December 10th will be issued a dividend of $0.0025 per share. This represents a $0.01 annualized dividend and a dividend yield of 0.04%. The ex-dividend date of this dividend is Wednesday, December 9th. MGM Resorts International’s payout ratio is 1.30%.
Several equities research analysts recently weighed in on MGM shares. ValuEngine upgraded shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a research note on Monday, August 3rd. Credit Suisse Group increased their target price on shares of MGM Resorts International from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Zacks Investment Research cut shares of MGM Resorts International from a “hold” rating to a “strong sell” rating and set a $14.00 target price for the company. in a research note on Tuesday, July 21st. Barclays lowered shares of MGM Resorts International from an “equal weight” rating to an “underweight” rating and increased their price target for the stock from $17.00 to $20.00 in a research report on Monday, October 12th. Finally, Macquarie increased their price target on shares of MGM Resorts International from $27.00 to $30.00 in a research report on Thursday, September 24th. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $18.94.
In other news, EVP John Mcmanus sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $21.23, for a total transaction of $636,900.00. Following the completion of the sale, the executive vice president now owns 102,567 shares of the company’s stock, valued at $2,177,497.41. The transaction was disclosed in a document filed with the SEC, which is accessible through this link . Company insiders own 5.06% of the company’s stock.
MGM Resorts International Profile
MGM Resorts International, through its subsidiaries, owns and operates integrated 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.
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