Wright Investors Service Inc. acquired a new position in shares of MGM Resorts International (NYSE:MGM) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 16,430 shares of the company’s stock, valued at approximately $514,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in MGM. Vanguard Group Inc. raised its position in shares of 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 during the last quarter. Harris Associates L P raised its position 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 worth $645,919,000 after buying an additional 6,814,070 shares during the last quarter. BlackRock Inc. raised its position 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 worth $622,092,000 after buying an additional 22,465,373 shares during the last quarter. Canyon Capital Advisors LLC raised its position in shares of 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 during the last quarter. Finally, State Street Corp raised its position in shares of MGM Resorts International by 5.9% in the first quarter. State Street Corp now owns 8,842,166 shares of the company’s stock worth $242,281,000 after buying an additional 495,240 shares during the last quarter. Institutional investors own 74.10% of the company’s stock.
MGM Resorts International (MGM) traded up 0.66% during trading on Friday, reaching $30.71. The company’s stock had a trading volume of 6,375,867 shares. The company has a market capitalization of $17.66 billion, a P/E ratio of 18.18 and a beta of 1.48. The company’s 50-day moving average is $31.93 and its 200-day moving average is $30.00. MGM Resorts International has a 1-year low of $23.38 and a 1-year high of $34.53.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion during 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%. The firm’s revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.29 earnings per share. Equities analysts anticipate that MGM Resorts International will post $1.24 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.44 annualized dividend and a yield of 1.43%. MGM Resorts International’s dividend payout ratio is presently 26.04%.
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A number of research analysts have weighed in on MGM shares. TheStreet upgraded MGM Resorts International from a “c+” rating to a “b” rating in a report on Friday, April 28th. BidaskClub lowered MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Instinet restated a “buy” rating on shares of MGM Resorts International in a report on Monday, July 17th. Zacks Investment Research lowered MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Finally, Stifel Nicolaus raised their target price on MGM Resorts International from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eighteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $34.81.
In other news, CEO James Murren sold 57,269 shares of the stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $31.54, for a total value of $1,806,264.26. Following the completion of the sale, the chief executive officer now owns 969,111 shares in the company, valued at $30,565,760.94. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Alexis Herman sold 3,745 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $32.51, for a total value of $121,749.95. Following the completion of the sale, the director now owns 8,285 shares of the company’s stock, valued at approximately $269,345.35. The disclosure for this sale can be found here. Insiders have sold 131,329 shares of company stock valued at $4,233,446 over the last 90 days. 12.20% of the stock is currently owned by insiders.
MGM Resorts International Company Profile
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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