Starboard Value LP Has $78.57 Million Stake in MGM Resorts International (NYSE:MGM)

Starboard Value LP decreased its stake in MGM Resorts International (NYSE:MGM) by 5.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,750,000 shares of the company’s stock after selling 145,000 shares during the quarter. MGM Resorts International makes up about 2.4% of Starboard Value LP’s investment portfolio, making the stock its 11th largest position. Starboard Value LP owned 0.53% of MGM Resorts International worth $78,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Corvex Management LP boosted its stake in MGM Resorts International by 31.0% in the 2nd quarter. Corvex Management LP now owns 20,563,696 shares of the company’s stock valued at $587,505,000 after buying an additional 4,870,924 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in MGM Resorts International by 5.8% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 8,112,250 shares of the company’s stock worth $231,767,000 after purchasing an additional 441,381 shares in the last quarter. Geode Capital Management LLC boosted its stake in MGM Resorts International by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 6,387,824 shares of the company’s stock worth $154,688,000 after purchasing an additional 366,980 shares in the last quarter. Northern Trust Corp boosted its stake in MGM Resorts International by 3.4% in the second quarter. Northern Trust Corp now owns 5,311,076 shares of the company’s stock worth $151,737,000 after purchasing an additional 172,317 shares in the last quarter. Finally, FMR LLC boosted its stake in MGM Resorts International by 80.0% in the first quarter. FMR LLC now owns 2,904,720 shares of the company’s stock worth $74,535,000 after purchasing an additional 1,290,996 shares in the last quarter. 82.58% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International stock traded down $0.11 on Wednesday, reaching $29.49. The company’s stock had a trading volume of 219,911 shares, compared to its average volume of 5,246,733. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.69 and a current ratio of 0.73. The company has a market cap of $15.16 billion, a price-to-earnings ratio of 29.83, a PEG ratio of 4.28 and a beta of 1.49. The business’s fifty day moving average price is $28.55 and its 200 day moving average price is $27.47. MGM Resorts International has a twelve month low of $21.61 and a twelve month high of $31.68.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). MGM Resorts International had a net margin of 1.56% and a return on equity of 3.77%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. During the same period last year, the company earned $0.26 EPS. The company’s revenue was up 12.7% compared to the same quarter last year. As a group, equities analysts forecast that MGM Resorts International will post 0.85 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 10th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.76%. The ex-dividend date was Monday, September 9th. MGM Resorts International’s dividend payout ratio (DPR) is presently 52.53%.

In other news, Director Keith A. Meister purchased 338,374 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were acquired at an average price of $27.84 per share, with a total value of $9,420,332.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Atif Rafiq purchased 8,761 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were purchased at an average cost of $28.55 per share, for a total transaction of $250,126.55. Following the purchase, the insider now directly owns 8,761 shares of the company’s stock, valued at $250,126.55. The disclosure for this purchase can be found here. Insiders have bought 637,520 shares of company stock worth $17,798,335 in the last ninety days. 3.47% of the stock is currently owned by insiders.

MGM has been the topic of a number of recent analyst reports. Argus boosted their price objective on MGM Resorts International to $35.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. reduced their price objective on MGM Resorts International from $37.00 to $36.00 and set an “overweight” rating on the stock in a research note on Friday, September 6th. UBS Group boosted their price objective on MGM Resorts International from $30.00 to $31.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Bank of America lowered MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Finally, Nomura boosted their price objective on MGM Resorts International from $36.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $30.82.

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

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