ING Groep NV cut its holdings in shares of MGM Resorts International (NYSE:MGM) by 25.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,902 shares of the company’s stock after selling 3,044 shares during the period. ING Groep NV’s holdings in MGM Resorts International were worth $312,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of MGM. National Pension Service increased its position in shares of MGM Resorts International by 3.5% during the fourth quarter. National Pension Service now owns 532,730 shares of the company’s stock worth $17,788,000 after purchasing an additional 17,834 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of MGM Resorts International by 3.9% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,822,821 shares of the company’s stock worth $60,864,000 after purchasing an additional 67,872 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in shares of MGM Resorts International during the fourth quarter worth $604,000. State of Alaska Department of Revenue increased its position in shares of MGM Resorts International by 79.4% during the fourth quarter. State of Alaska Department of Revenue now owns 61,477 shares of the company’s stock worth $2,050,000 after purchasing an additional 27,200 shares in the last quarter. Finally, CENTRAL TRUST Co increased its position in shares of MGM Resorts International by 58.0% during the fourth quarter. CENTRAL TRUST Co now owns 7,922 shares of the company’s stock worth $264,000 after purchasing an additional 2,909 shares in the last quarter. 82.52% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director William Warwick Grounds acquired 1,000 shares of the company’s stock in a transaction dated Wednesday, March 14th. The shares were bought at an average price of $35.50 per share, for a total transaction of $35,500.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President William Hornbuckle sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $36.36, for a total value of $2,181,600.00. Following the sale, the president now owns 26,289 shares in the company, valued at approximately $955,868.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 146,486 shares of company stock worth $5,226,246. Company insiders own 0.43% of the company’s stock.
MGM has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, February 23rd. Morgan Stanley upped their price target on MGM Resorts International from $40.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, March 27th. Bank of America upped their price target on MGM Resorts International from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Telsey Advisory Group initiated coverage on MGM Resorts International in a research report on Wednesday, March 14th. They set a “market perform” rating and a $39.00 price target on the stock. Finally, Susquehanna Bancshares raised MGM Resorts International from a “neutral” rating to a “positive” rating in a research report on Monday, April 23rd. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. MGM Resorts International presently has an average rating of “Buy” and a consensus target price of $38.29.
NYSE:MGM opened at $32.01 on Tuesday. MGM Resorts International has a one year low of $29.53 and a one year high of $38.41. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.64 and a current ratio of 0.67. The firm has a market capitalization of $18.01 billion, a price-to-earnings ratio of 31.38, a price-to-earnings-growth ratio of 2.47 and a beta of 1.41.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Thursday, April 26th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02). MGM Resorts International had a return on equity of 5.45% and a net margin of 17.88%. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same period last year, the company earned $0.38 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. sell-side analysts anticipate that MGM Resorts International will post 1.27 earnings per share for the current year.
MGM Resorts International announced that its Board of Directors has initiated a share repurchase program on Thursday, May 10th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 10.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 8th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date is Thursday, June 7th. MGM Resorts International’s dividend payout ratio is currently 47.06%.
MGM Resorts International Profile
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.
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