Pacific Global Investment Management Co. increased its stake in shares of MGM Resorts International (NYSE:MGM – Get Rating) by 6.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,421 shares of the company’s stock after buying an additional 3,997 shares during the quarter. Pacific Global Investment Management Co.’s holdings in MGM Resorts International were worth $2,093,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of MGM Resorts International by 19.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 20,424,636 shares of the company’s stock valued at $591,293,000 after acquiring an additional 3,322,373 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of MGM Resorts International by 4,630.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,006,932 shares of the company’s stock valued at $29,924,000 after buying an additional 985,647 shares during the period. Long Pond Capital LP bought a new position in MGM Resorts International during the second quarter valued at about $26,892,000. National Bank of Canada FI raised its position in MGM Resorts International by 12,609.0% in the second quarter. National Bank of Canada FI now owns 826,977 shares of the company’s stock worth $23,940,000 after acquiring an additional 820,470 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its holdings in MGM Resorts International by 116.1% in the 2nd quarter. Eagle Asset Management Inc. now owns 1,173,980 shares of the company’s stock valued at $33,986,000 after acquiring an additional 630,677 shares during the last quarter. Institutional investors and hedge funds own 82.77% of the company’s stock.
Analyst Ratings Changes
MGM has been the subject of a number of research reports. StockNews.com began coverage on shares of MGM Resorts International in a report on Wednesday, October 12th. They set a “hold” rating for the company. Stifel Nicolaus raised MGM Resorts International from a “hold” rating to a “buy” rating and upped their target price for the company from $42.00 to $46.00 in a report on Friday, January 6th. Morgan Stanley began coverage on MGM Resorts International in a report on Monday, November 21st. They set an “equal weight” rating and a $39.00 price objective on the stock. Credit Suisse Group decreased their target price on shares of MGM Resorts International from $72.00 to $67.00 and set an “outperform” rating for the company in a report on Thursday, November 3rd. Finally, JPMorgan Chase & Co. upped their price target on shares of MGM Resorts International from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Thursday, November 3rd. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.10.
Insiders Place Their Bets
In other news, COO Corey Ian Sanders sold 10,000 shares of the firm’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $36.21, for a total value of $362,100.00. Following the sale, the chief operating officer now owns 331,498 shares in the company, valued at $12,003,542.58. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other MGM Resorts International news, COO Corey Ian Sanders sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $36.21, for a total value of $362,100.00. Following the completion of the sale, the chief operating officer now owns 331,498 shares in the company, valued at approximately $12,003,542.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rose Mckinney-James sold 5,741 shares of the business’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $37.50, for a total value of $215,287.50. Following the sale, the director now owns 5,740 shares in the company, valued at $215,250. The disclosure for this sale can be found here. Insiders have sold a total of 58,611 shares of company stock valued at $2,186,562 in the last three months. Company insiders own 2.13% of the company’s stock.
MGM Resorts International Stock Performance
MGM traded up $0.15 on Friday, hitting $39.08. The company had a trading volume of 52,159 shares, compared to its average volume of 4,391,389. The stock has a market cap of $15.01 billion, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 16.48 and a beta of 2.02. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.49 and a quick ratio of 1.47. The company’s fifty day moving average price is $35.77 and its 200 day moving average price is $33.63. MGM Resorts International has a 1-year low of $26.41 and a 1-year high of $49.00.
MGM Resorts International (NYSE:MGM – Get Rating) last announced its earnings results on Wednesday, November 2nd. The company reported ($1.39) EPS for the quarter, missing the consensus estimate of $0.22 by ($1.61). MGM Resorts International had a negative return on equity of 5.12% and a net margin of 10.48%. The firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.26 billion. Equities analysts predict that MGM Resorts International will post 1.29 earnings per share for the current fiscal year.
MGM Resorts International Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, December 15th. Shareholders of record on Friday, December 9th were issued a $0.0025 dividend. This represents a $0.01 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date of this dividend was Thursday, December 8th. MGM Resorts International’s dividend payout ratio (DPR) is currently 0.34%.
MGM Resorts International Company Profile
MGM Resorts International, through its subsidiaries, owns and operates 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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