Canyon Capital Advisors buys $482,359,246 stake in MGM Resorts International (MGM)

MGM Resorts International (MGM) : Canyon Capital Advisors scooped up 211,912 additional shares in MGM Resorts International during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Nov 14, 2016. The investment management firm now holds a total of 17,623,648 shares of MGM Resorts International which is valued at $482,359,246.MGM Resorts International makes up approximately 20.92% of Canyon Capital Advisors’s portfolio.

Other Hedge Funds, Including , Nwi Management Lp boosted its stake in MGM in the latest quarter, The investment management firm added 500,000 additional shares and now holds a total of 1,950,000 shares of MGM Resorts International which is valued at $53,371,500. MGM Resorts International makes up approx 7.02% of Nwi Management Lp’s portfolio.Emerald Acquisition Ltd. reduced its stake in MGM by selling 406,475 shares or 74.46% in the most recent quarter. The Hedge Fund company now holds 139,451 shares of MGM which is valued at $3,949,252. MGM Resorts International makes up approx 0.01% of Emerald Acquisition Ltd.’s portfolio.Ls Investment Advisors reduced its stake in MGM by selling 1,680 shares or 22.47% in the most recent quarter. The Hedge Fund company now holds 5,795 shares of MGM which is valued at $157,508. MGM Resorts International makes up approx 0.01% of Ls Investment Advisors’s portfolio.Cambiar Investors reduced its stake in MGM by selling 578,842 shares or 13.03% in the most recent quarter. The Hedge Fund company now holds 3,862,175 shares of MGM which is valued at $100,880,011. MGM Resorts International makes up approx 1.38% of Cambiar Investors’s portfolio.First Western Capital Management Co reduced its stake in MGM by selling 4,700 shares or 12.47% in the most recent quarter. The Hedge Fund company now holds 33,000 shares of MGM which is valued at $857,340. MGM Resorts International makes up approx 0.34% of First Western Capital Management Co’s portfolio.

MGM Resorts International opened for trading at $28.2 and hit $28.73 on the upside on Monday, eventually ending the session at $28.43, with a gain of 1.43% or 0.4 points. The heightened volatility saw the trading volume jump to 98,23,478 shares. Company has a market cap of $16,301 M.

On the company’s financial health, MGM Resorts International reported $0.58 EPS for the quarter, beating the analyst consensus estimate by $ 0.40 according to the earnings call on Nov 7, 2016. Analyst had a consensus of $0.18. The company had revenue of $2515.00 million for the quarter, compared to analysts expectations of $2387.16 million. The company’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS.

Many Wall Street Analysts have commented on MGM Resorts International. Company shares were Reiterated by Telsey Advisory Group on Nov 8, 2016 to “Outperform”, Firm has raised the Price Target to $ 33 from a previous price target of $29 .Company shares were Reiterated by Nomura on Oct 5, 2016 to “Buy”, Firm has raised the Price Target to $ 32 from a previous price target of $28 .

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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