Systematic Financial Management Lp Lowers stake in MGM Resorts International (MGM)

MGM Resorts International (MGM) : Systematic Financial Management Lp reduced its stake in MGM Resorts International by 18.82% during the most recent quarter end. The investment management company now holds a total of 5,963,799 shares of MGM Resorts International which is valued at $129 Million after selling 1,382,287 shares in MGM Resorts International , the firm said in a disclosure report filed with the SEC on May 11, 2016.MGM Resorts International makes up approximately 1.64% of Systematic Financial Management Lp’s portfolio.

Other Hedge Funds, Including , Bessemer Group Inc sold out all of its stake in MGM during the most recent quarter. The investment firm sold 1,270 shares of MGM which is valued $27,470.Waterfront Capital Partners reduced its stake in MGM by selling 223,000 shares or 16.86% in the most recent quarter. The Hedge Fund company now holds 1,100,000 shares of MGM which is valued at $23.8 Million. MGM Resorts International makes up approx 3.90% of Waterfront Capital Partners’s portfolio. Neuberger Berman Group added MGM to its portfolio by purchasing 496,000 company shares during the most recent quarter which is valued at $10.9 Million. MGM Resorts International makes up approx 0.01% of Neuberger Berman Group’s portfolio.State Of Wisconsin Investment Board reduced its stake in MGM by selling 9,850 shares or 2.99% in the most recent quarter. The Hedge Fund company now holds 320,008 shares of MGM which is valued at $7 Million. MGM Resorts International makes up approx 0.03% of State Of Wisconsin Investment Board’s portfolio.Nisa Investment Advisors L.l.c. reduced its stake in MGM by selling 6,200 shares or 12.63% in the most recent quarter. The Hedge Fund company now holds 42,889 shares of MGM which is valued at $913,536. MGM Resorts International makes up approx 0.01% of Nisa Investment Advisors L.l.c.’s portfolio.

MGM Resorts International opened for trading at $21.79 and hit $22.16 on the upside on Monday, eventually ending the session at $22.08, with a gain of 2.08% or 0.45 points. The heightened volatility saw the trading volume jump to 35,90,736 shares. Company has a market cap of $12,479 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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