Concourse Capital Management buys $6.3 Million stake in MGM Resorts International (MGM)

MGM Resorts International (MGM) : Concourse Capital Management scooped up 136,733 additional shares in MGM Resorts International during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 289,798 shares of MGM Resorts International which is valued at $6.3 Million.MGM Resorts International makes up approximately 4.03% of Concourse Capital Management’s portfolio.

Other Hedge Funds, Including , Raymond James Associates boosted its stake in MGM in the latest quarter, The investment management firm added 4,135 additional shares and now holds a total of 122,780 shares of MGM Resorts International which is valued at $2.7 Million. MGM Resorts International makes up approx 0.01% of Raymond James Associates’s portfolio. Secor Capital Advisors Lp added MGM to its portfolio by purchasing 13,925 company shares during the most recent quarter which is valued at $301,198. MGM Resorts International makes up approx 0.06% of Secor Capital Advisors Lp’s portfolio.Zweig-dimenna Associates reduced its stake in MGM by selling 25,719 shares or 4.63% in the most recent quarter. The Hedge Fund company now holds 529,281 shares of MGM which is valued at $11.4 Million. MGM Resorts International makes up approx 1.01% of Zweig-dimenna Associates’s portfolio. Achievement Holdings added MGM to its portfolio by purchasing 10,000 company shares during the most recent quarter which is valued at $213,000. MGM Resorts International makes up approx 0.03% of Achievement Holdings’s portfolio.

MGM Resorts International opened for trading at $21.51 and hit $21.98 on the upside on Friday, eventually ending the session at $21.76, with a gain of 1.16% or 0.25 points. The heightened volatility saw the trading volume jump to 43,98,304 shares. Company has a market cap of $12,298 M.

On the company’s financial health, MGM Resorts International reported $0.16 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on May 5, 2016. Analyst had a consensus of $0.11. The company had revenue of $2210.00 million for the quarter, compared to analysts expectations of $2280.53 million. The company’s revenue was down -5.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.26 EPS.

Many Wall Street Analysts have commented on MGM Resorts International. Company shares were Reiterated by Telsey Advisory Group on May 6, 2016 to “Outperform”, Firm has raised the Price Target to $ 27 from a previous price target of $26 .MGM Resorts International was Resumed by Morgan Stanley to “Overweight” on May 6, 2016. Company shares were Reiterated by UBS on Mar 7, 2016 to “Buy”, Firm has raised the Price Target to $ 28 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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