Axiom Financial Strategies LLC Invests $206,000 in MGM Resorts International $MGM

Axiom Financial Strategies LLC acquired a new position in MGM Resorts International (NYSE:MGM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,002 shares of the company’s stock, valued at approximately $206,000.

Several other large investors have also recently made changes to their positions in the stock. Davis Selected Advisers lifted its holdings in shares of MGM Resorts International by 4.5% in the 1st quarter. Davis Selected Advisers now owns 20,815,057 shares of the company’s stock worth $616,958,000 after acquiring an additional 894,344 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of MGM Resorts International by 7.7% in the 1st quarter. Invesco Ltd. now owns 6,233,213 shares of the company’s stock worth $184,752,000 after acquiring an additional 447,870 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of MGM Resorts International in the 2nd quarter worth approximately $171,632,000. AQR Capital Management LLC lifted its holdings in shares of MGM Resorts International by 104.2% in the 1st quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company’s stock worth $75,962,000 after acquiring an additional 1,332,313 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of MGM Resorts International by 0.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,985,513 shares of the company’s stock worth $58,851,000 after acquiring an additional 5,407 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Trading Down 0.7%

Shares of NYSE:MGM opened at $32.68 on Thursday. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The company’s 50 day moving average is $35.33 and its two-hundred day moving average is $34.14. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The company has a market cap of $8.89 billion, a PE ratio of 17.95, a P/E/G ratio of 1.43 and a beta of 1.67.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same period in the prior year, the firm posted $0.86 EPS. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. Equities analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a report on Thursday, September 11th. JMP Securities reiterated a “market perform” rating on shares of MGM Resorts International in a report on Thursday, June 26th. Macquarie reduced their target price on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, October 2nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of MGM Resorts International in a report on Wednesday, October 8th. Finally, Barclays increased their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.50.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 242,000 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total value of $8,571,640.00. Following the transaction, the director directly owned 5,385,478 shares of the company’s stock, valued at $190,753,630.76. This trade represents a 4.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John Mcmanus sold 60,000 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares in the company, valued at $1,138,538.52. This trade represents a 65.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company’s stock.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.