Tcs Capital Management adds MGM Resorts International (MGM) to its portfolio

MGM Resorts International (MGM) : Tcs Capital Management added new position in MGM Resorts International during the most recent quarter end. The investment management firm now holds 237,000 shares of MGM Resorts International which is valued at $5,806,500 , the company said in a statement filed on Aug 15, 2016 with the SEC.MGM Resorts International makes up approximately 3.11% of Tcs Capital Management’s portfolio.

Other Hedge Funds, Including , Millennium Management reduced its stake in MGM by selling 382,720 shares or 24.74% in the most recent quarter. The Hedge Fund company now holds 1,164,313 shares of MGM which is valued at $28,525,669. MGM Resorts International makes up approx 0.07% of Millennium Management’s portfolio.Parametric Portfolio Associates boosted its stake in MGM in the latest quarter, The investment management firm added 59,311 additional shares and now holds a total of 369,439 shares of MGM Resorts International which is valued at $9,051,256. MGM Resorts International makes up approx 0.01% of Parametric Portfolio Associates’s portfolio. Gmt Capital Corp added MGM to its portfolio by purchasing 513,500 company shares during the most recent quarter which is valued at $12,781,015. MGM Resorts International makes up approx 0.29% of Gmt Capital Corp’s portfolio.American Century Companies Inc boosted its stake in MGM in the latest quarter, The investment management firm added 2,086,254 additional shares and now holds a total of 3,476,600 shares of MGM Resorts International which is valued at $82,812,612. MGM Resorts International makes up approx 0.09% of American Century Companies Inc’s portfolio.

MGM Resorts International opened for trading at $24.29 and hit $24.77 on the upside on Thursday, eventually ending the session at $24.65, with a gain of 3.18% or 0.76 points. The heightened volatility saw the trading volume jump to 97,85,701 shares. Company has a market cap of $13,942 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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