Beach Point Capital Management LP reduced its stake in MGM Resorts International (NYSE:MGM) by 3.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,452,599 shares of the company’s stock after selling 93,715 shares during the period. MGM Resorts International accounts for about 18.7% of Beach Point Capital Management LP’s holdings, making the stock its 2nd largest position. Beach Point Capital Management LP’s holdings in MGM Resorts International were worth $76,742,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of MGM Resorts International by 9,411.8% in the first quarter. BlackRock Inc. now owns 22,704,066 shares of the company’s stock valued at $622,092,000 after buying an additional 22,465,373 shares during the last quarter. Harris Associates L P increased its stake in shares of MGM Resorts International by 40.7% in the first quarter. Harris Associates L P now owns 23,573,669 shares of the company’s stock valued at $645,919,000 after buying an additional 6,814,070 shares during the last quarter. Vanguard Group Inc. increased its stake in MGM Resorts International by 8.4% in the first quarter. Vanguard Group Inc. now owns 39,845,368 shares of the company’s stock worth $1,091,763,000 after buying an additional 3,096,490 shares in the last quarter. Canyon Capital Advisors LLC increased its stake in MGM Resorts International by 19.3% in the first quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock worth $488,234,000 after buying an additional 2,877,500 shares in the last quarter. Finally, Janus Capital Management LLC increased its stake in MGM Resorts International by 297.5% in the first quarter. Janus Capital Management LLC now owns 2,876,597 shares of the company’s stock worth $78,819,000 after buying an additional 2,152,863 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

MGM Resorts International (MGM) opened at 30.51 on Friday. The company has a market capitalization of $17.54 billion, a PE ratio of 18.05 and a beta of 1.48. MGM Resorts International has a 12-month low of $23.38 and a 12-month high of $34.53. The company has a 50 day moving average price of $32.38 and a 200-day moving average price of $29.93.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.03. The business had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. MGM Resorts International’s revenue was up 16.4% compared to the same quarter last year. During the same period last year, the firm posted $0.29 earnings per share. On average, analysts anticipate that MGM Resorts International will post $1.24 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.44%. The ex-dividend date is Friday, September 8th. MGM Resorts International’s dividend payout ratio (DPR) is presently 26.04%.

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A number of equities research analysts have weighed in on the stock. BidaskClub upgraded shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research downgraded shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, June 28th. Telsey Advisory Group lifted their price target on shares of MGM Resorts International from $36.00 to $39.00 and gave the stock an “outperform” rating in a research note on Friday, July 28th. Deutsche Bank AG reiterated a “buy” rating and set a $36.00 price target (up previously from $34.00) on shares of MGM Resorts International in a research note on Sunday, July 30th. Finally, UBS AG downgraded shares of MGM Resorts International from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $33.00 to $36.00 in a research note on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nineteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $34.59.

In related news, CEO James Murren sold 57,269 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $33.05, for a total value of $1,892,740.45. Following the sale, the chief executive officer now directly owns 1,231,611 shares of the company’s stock, valued at $40,704,743.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Corey Ian Sanders sold 21,441 shares of the firm’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $31.60, for a total value of $677,535.60. Following the completion of the sale, the chief operating officer now directly owns 210,558 shares in the company, valued at $6,653,632.80. The disclosure for this sale can be found here. Insiders sold 105,501 shares of company stock worth $3,417,518 over the last ninety days. 12.20% of the stock is currently owned by insiders.

About MGM Resorts International

MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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