MGM Resorts International (NYSE:MGM) Stake Decreased by Korea Investment CORP

Ironsides Asset Advisors LLC lowered its position in shares of MGM Resorts International (NYSE:MGM) by 0.5% during the second quarter, Holdings Channel reports.

Devon Energy Corporation (NYSE:DVN) had an increase of 8.35% in short interest. Its investment was valued at $18,099,000 an increase of $93,000 as of quarter end.

Other institutional investors and hedge funds have also recently modified their holdings of the company.

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In other news, Director Alexis Herman sold 2,391 shares of MGM Resorts International stock in a transaction that occurred on Friday, August 12th. Advisor Group Inc. grew its stake in MGM Resorts International by 35.3% during the 2nd quarter. After $0.33 actual EPS reported by MGM Resorts International for the previous quarter, Wall Street now forecasts -78.79% negative EPS growth. Janus Henderson Group PLC now owns 1,106,856 shares of the company's stock valued at $34,634,000 after acquiring an additional 1,053,597 shares in the last quarter.

Par Capital Management Inc increased Eldorado Resorts Inc (NASDAQ:ERI) stake by 3.46 million shares to 7.47 million valued at $149.50M in 2017Q2. Capital Research Global Investors lifted its position in MGM Resorts International by 1.9% in the second quarter. MGM Resorts had 54 analyst reports since August 5, 2015 according to SRatingsIntel. Instinet reiterated a "buy" rating and set a $40.00 price objective on shares of MGM Resorts International in a research note on Tuesday, October 3rd. Stifel Nicolaus maintained the shares of MGM in report on Thursday, November 9 with "Hold" rating.

Among 15 analysts covering MGM Resorts (NYSE:MGM), 11 have Buy rating, 0 Sell and 4 Hold. The target price by Nomura would suggest a potential upside of 11.92 % from the company's last stock close. J P Morgan Chase & Co raised the price target of the stock on November 1 changing the forecast from $39.00 to $40.00 and stated a "Overweight" rating.

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Shares of MGM Resorts International (NYSE:MGM) opened at $33.06 on Tuesday. One research analyst has rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. MGM Resorts International now has a consensus rating of "Buy" and a consensus target price of $36.50.

In other news, insider Corey Ian Sanders sold 16,446 shares of the stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $33.83, for a total value of $104,771.51. Following the completion of the transaction, the insider now owns 198,058 shares of the company's stock, valued at $6,660,690.54. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The stock was sold at an average price of $34.19, for a total value of $8,881,194.40. Following the completion of the sale, the chief accounting officer now owns 197,993 shares of the company's stock, valued at approximately $6,704,042.98. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 698,548 shares of company stock worth $23,770,532. Company insiders own 12.20% of the company's stock.

Shares of MGM Resorts International (NYSE:MGM) traded down 0.66% during midday trading on Thursday, reaching $25.77. The stock had a trading volume of 5,693,100 shares, compared to its average volume of 8,853,755. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.98 and a current ratio of 1.02. The P/E ratio is 32.35 and market capitalization is 18.94B. MGM Resorts International has a 52 week low of $25.15 and a 52 week high of $34.65. In the latest earnings report the EPS was $1.02 with 566.14M shares outstanding. This repurchase authorization permits the company to repurchase up to 5.3% of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Barclays Public Ltd invested in 0.12% or 3.50 million shares. The ex-dividend date of this dividend is Friday, December 8th. This represents a $0.44 annualized dividend and a dividend yield of 1.34%. MGM Resorts International's payout ratio is 43.14%. Massachusetts-based Massachusetts Fincl Svcs Ma has invested 0.01% in MGM Resorts International (NYSE:MGM). If you are accessing this piece on another domain, it was copied illegally and republished in violation of United States and worldwide copyright and trademark laws. The legal version of this news story can be read at Omega Advsr Inc has invested 2.32% in MGM Resorts International (NYSE:MGM). The Firm operates through five divisions: residential real estate; commercial real estate; resorts and leisure; leasing operations, and forestry. The Company operates in two segments: domestic resorts and MGM China. It makes investments in its resorts through remodeled hotel rooms, restaurants, entertainment and nightlife offerings, as well as other features and amenities.

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