California Public Employees Retirement System increased its stake in shares of MGM Resorts International (NYSE:MGM) by 13.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,284,415 shares of the company’s stock after buying an additional 155,718 shares during the quarter. California Public Employees Retirement System’s holdings in MGM Resorts International were worth $32,958,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. First Personal Financial Services acquired a new stake in MGM Resorts International in the first quarter valued at about $26,000. JOYN Advisors Inc. lifted its position in MGM Resorts International by 377.0% in the fourth quarter. JOYN Advisors Inc. now owns 1,159 shares of the company’s stock valued at $28,000 after purchasing an additional 916 shares during the period. Quadrant Capital Group LLC lifted its position in MGM Resorts International by 94.3% in the first quarter. Quadrant Capital Group LLC now owns 1,259 shares of the company’s stock valued at $29,000 after purchasing an additional 611 shares during the period. Lindbrook Capital LLC acquired a new stake in MGM Resorts International in the fourth quarter valued at about $34,000. Finally, Bessemer Group Inc. lifted its position in MGM Resorts International by 579.4% in the fourth quarter. Bessemer Group Inc. now owns 1,583 shares of the company’s stock valued at $38,000 after purchasing an additional 1,350 shares during the period. 80.66% of the stock is currently owned by hedge funds and other institutional investors.
MGM stock opened at $25.93 on Thursday. MGM Resorts International has a 12-month low of $21.61 and a 12-month high of $32.88. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.78 and a quick ratio of 0.75. The company has a market cap of $13.62 billion, a PE ratio of 26.19, a P/E/G ratio of 3.12 and a beta of 1.37.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Monday, April 29th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.04). MGM Resorts International had a net margin of 2.26% and a return on equity of 4.03%. The company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the business posted $0.38 earnings per share. MGM Resorts International’s revenue was up 12.6% on a year-over-year basis. On average, analysts forecast that MGM Resorts International will post 0.99 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 10th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, June 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.01%. MGM Resorts International’s payout ratio is 52.53%.
In related news, Director Mary Christine Gay purchased 3,700 shares of MGM Resorts International stock in a transaction dated Wednesday, March 6th. The stock was bought at an average cost of $27.27 per share, for a total transaction of $100,899.00. Following the transaction, the director now owns 18,036 shares in the company, valued at $491,841.72. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul J. Salem purchased 800,000 shares of MGM Resorts International stock in a transaction dated Wednesday, May 8th. The shares were bought at an average price of $25.40 per share, with a total value of $20,320,000.00. Following the completion of the transaction, the director now owns 800,000 shares in the company, valued at approximately $20,320,000. The disclosure for this purchase can be found here. 3.47% of the stock is currently owned by company insiders.
A number of brokerages recently commented on MGM. Deutsche Bank restated a “hold” rating and issued a $32.00 price objective on shares of MGM Resorts International in a research report on Monday, March 25th. Zacks Investment Research downgraded shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a research report on Monday, February 18th. Morgan Stanley raised their price objective on shares of MGM Resorts International from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, February 14th. Finally, Credit Suisse Group restated a “neutral” rating and issued a $30.00 price objective on shares of MGM Resorts International in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $33.50.
MGM Resorts International Profile
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. 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.
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