Suffolk Capital Management LLC Acquires New Stake in MGM Resorts International (MGM)

Suffolk Capital Management LLC acquired a new position in MGM Resorts International (NYSE:MGM) during the fourth quarter, HoldingsChannel.com reports. The firm acquired 360,068 shares of the company’s stock, valued at approximately $8,735,000.

Other hedge funds have also modified their holdings of the company. Global X Management Co LLC raised its position in shares of MGM Resorts International by 46.0% in the second quarter. Global X Management Co LLC now owns 38,332 shares of the company’s stock worth $1,113,000 after buying an additional 12,073 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of MGM Resorts International by 3.8% in the third quarter. State of Alaska Department of Revenue now owns 111,408 shares of the company’s stock worth $3,107,000 after buying an additional 4,031 shares in the last quarter. Skylands Capital LLC purchased a new stake in shares of MGM Resorts International in the third quarter worth $4,002,000. Putnam Investments LLC raised its position in shares of MGM Resorts International by 61.6% in the second quarter. Putnam Investments LLC now owns 10,829 shares of the company’s stock worth $314,000 after buying an additional 4,129 shares in the last quarter. Finally, CenturyLink Investment Management Co raised its position in shares of MGM Resorts International by 26.2% in the fourth quarter. CenturyLink Investment Management Co now owns 46,501 shares of the company’s stock worth $1,128,000 after buying an additional 9,657 shares in the last quarter. Institutional investors own 80.25% of the company’s stock.

In other MGM Resorts International news, insider Phyllis James sold 15,815 shares of the firm’s stock in a transaction dated 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 owns 13,164 shares in the company, valued at $372,014.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.43% of the company’s stock.

NYSE MGM traded up $0.06 during trading hours on Wednesday, reaching $27.94. 1,156,414 shares of the stock traded hands, compared to its average volume of 8,548,699. MGM Resorts International has a 1 year low of $21.61 and a 1 year high of $38.41. The company has a quick ratio of 0.71, a current ratio of 0.74 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $15.06 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 3.40 and a beta of 1.29.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Tuesday, October 30th. The company reported $0.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.06. MGM Resorts International had a return on equity of 4.51% and a net margin of 16.75%. The business had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same quarter last year, the business posted $0.34 earnings per share. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, equities analysts expect that MGM Resorts International will post 1.09 earnings per share for the current fiscal year.

A number of brokerages recently issued reports on MGM. Zacks Investment Research downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Wednesday. Sanford C. Bernstein began coverage on MGM Resorts International in a research report on Thursday, November 15th. They issued a “market perform” rating on the stock. Morgan Stanley reiterated a “buy” rating on shares of MGM Resorts International in a research report on Monday, December 3rd. Finally, Bank of America restated a “buy” rating and set a $30.00 price target on shares of MGM Resorts International in a research report on Tuesday, October 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. MGM Resorts International has a consensus rating of “Hold” and an average price target of $33.67.

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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.

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Want to see what other hedge funds are holding MGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGM Resorts International (NYSE:MGM).

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

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