California Public Employees Retirement System grew its stake in shares of MGM Resorts International (NYSE:MGM) by 2.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 1,036,478 shares of the company’s stock after buying an additional 22,516 shares during the period. California Public Employees Retirement System owned approximately 0.18% of MGM Resorts International worth $34,608,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in MGM. Assenagon Asset Management S.A. bought a new stake in shares of MGM Resorts International during the third quarter valued at approximately $87,164,000. Asset Management One Co. Ltd. lifted its holdings in MGM Resorts International by 5.1% in the third quarter. Asset Management One Co. Ltd. now owns 712,424 shares of the company’s stock valued at $23,209,000 after buying an additional 34,625 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in MGM Resorts International by 44.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 49,284 shares of the company’s stock valued at $1,542,000 after buying an additional 15,071 shares during the period. Cadence Capital Management LLC acquired a new position in MGM Resorts International in the third quarter valued at approximately $351,000. Finally, Highstreet Asset Management Inc. raised its holdings in MGM Resorts International by 62.0% in the third quarter. Highstreet Asset Management Inc. now owns 22,951 shares of the company’s stock worth $748,000 after purchasing an additional 8,785 shares during the period. 82.31% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on MGM shares. Nomura decreased their target price on shares of MGM Resorts International from $38.00 to $37.00 and set a “buy” rating for the company in a research report on Wednesday, November 1st. Bank of America upped their price objective on shares of MGM Resorts International from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday. Zacks Investment Research upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Monday, February 5th. Jefferies Group initiated coverage on shares of MGM Resorts International in a research report on Thursday, January 18th. They set a “buy” rating and a $43.00 target price on the stock. Finally, Stifel Nicolaus restated a “hold” rating and set a $37.00 price objective (up previously from $36.00) on shares of MGM Resorts International in a report on Wednesday. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $37.94.
Shares of MGM Resorts International (MGM) traded up $0.87 during trading hours on Friday, reaching $35.38. 4,477,992 shares of the company’s stock were exchanged, compared to its average volume of 9,250,000. MGM Resorts International has a 12-month low of $25.15 and a 12-month high of $38.41. The company has a market capitalization of $20,030.00, a price-to-earnings ratio of 35.03, a PEG ratio of 1.59 and a beta of 1.43. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.77 and a quick ratio of 0.98.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Tuesday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.04. MGM Resorts International had a net margin of 17.92% and a return on equity of 5.78%. The firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same period in the prior year, the firm posted $0.11 earnings per share. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. sell-side analysts expect that MGM Resorts International will post 1.44 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Friday, March 9th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.36%. This is an increase from MGM Resorts International’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Thursday, March 8th. MGM Resorts International’s dividend payout ratio is presently 43.56%.
In related news, Director Sean Charland bought 25,000 shares of the stock in a transaction that occurred on Wednesday, December 6th. The shares were acquired at an average cost of $22.50 per share, with a total value of $562,500.00. Also, insider Phyllis James sold 19,149 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $33.64, for a total transaction of $644,172.36. Following the completion of the sale, the insider now directly owns 8,961 shares in the company, valued at $301,448.04. The disclosure for this sale can be found here. Over the last three months, insiders bought 95,000 shares of company stock worth $581,500. Insiders own 12.20% of the company’s stock.
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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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