Nwi Management Lp Lowers stake in MGM Resorts International (MGM)

MGM Resorts International (MGM) : Nwi Management Lp reduced its stake in MGM Resorts International by 4.92% during the most recent quarter end. The investment management company now holds a total of 1,450,000 shares of MGM Resorts International which is valued at $35,525,000 after selling 75,000 shares in MGM Resorts International , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.MGM Resorts International makes up approximately 3.49% of Nwi Management Lp’s portfolio.

Other Hedge Funds, Including , Rhumbline Advisers boosted its stake in MGM in the latest quarter, The investment management firm added 60,243 additional shares and now holds a total of 375,425 shares of MGM Resorts International which is valued at $9,197,913. MGM Resorts International makes up approx 0.03% of Rhumbline Advisers’s portfolio.Vanguard Group Inc boosted its stake in MGM in the latest quarter, The investment management firm added 2,386,562 additional shares and now holds a total of 34,658,063 shares of MGM Resorts International which is valued at $849,122,544. MGM Resorts International makes up approx 0.05% of Vanguard Group Inc’s portfolio.Suffolk Capital Management reduced its stake in MGM by selling 59,296 shares or 10.45% in the most recent quarter. The Hedge Fund company now holds 508,348 shares of MGM which is valued at $12,652,782. MGM Resorts International makes up approx 1.51% of Suffolk Capital Management’s portfolio.Silver Capital Management boosted its stake in MGM in the latest quarter, The investment management firm added 2,620 additional shares and now holds a total of 38,295 shares of MGM Resorts International which is valued at $910,655. MGM Resorts International makes up approx 4.10% of Silver Capital Management’s portfolio.Ngam Advisors boosted its stake in MGM in the latest quarter, The investment management firm added 30,664 additional shares and now holds a total of 119,328 shares of MGM Resorts International which is valued at $2,837,620. MGM Resorts International makes up approx 0.04% of Ngam Advisors’s portfolio.

MGM Resorts International opened for trading at $24.32 and hit $24.56 on the upside on Tuesday, eventually ending the session at $24.31, with a gain of 0.33% or 0.08 points. The heightened volatility saw the trading volume jump to 37,43,149 shares. Company has a market cap of $13,750 M.

On the company’s financial health, MGM Resorts International reported $0.29 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $0.25. The company had revenue of $2269.50 million for the quarter, compared to analysts expectations of $2330.39 million. The company’s revenue was down -4.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.19 EPS.

Many Wall Street Analysts have commented on MGM Resorts International. Company shares were Reiterated by Telsey Advisory Group on Jun 17, 2016 to “Outperform”, Firm has raised the Price Target to $ 29 from a previous price target of $27 .Company shares were Reiterated by Stifel on Jun 9, 2016 to “Buy”, Firm has raised the Price Target to $ 30 from a previous price target of $27 .

MGM Resorts International is a holding company. Through its wholly owned subsidiaries the Company owns and operates casino resorts. The Company operates in two segments: wholly owned domestic resorts and MGM China. The wholly owned domestic resorts segment includes non-gaming operations including hotel food and beverage entertainment and other non-gaming amenities. Its casino operations feature a variety of table games and race and sports book wagering. It operates over 15 wholly owned resorts in the United States. The MGM China segment’s operations consist of the MGM Macau resort and casino (MGM Macau) and the development of a gaming resort in Cotai Macau. It owns and operates two resorts in Mississippi which includes Beau Rivage in Biloxi and Gold Strike Tunica. It also owns Shadow Creek Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier Mississippi.

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