Vanguard Group Inc. boosted its stake in MGM Resorts International (NYSE:MGM) by 7.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,658,063 shares of the company’s stock after buying an additional 2,386,562 shares during the period. Vanguard Group Inc. owned approximately 6.13% of MGM Resorts International worth $784,311,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the company. Chartwell Investment Partners LLC purchased a new stake in shares of MGM Resorts International during the second quarter valued at about $104,274,000. Bridger Management LLC purchased a new stake in shares of MGM Resorts International during the first quarter valued at about $84,880,000. Norges Bank purchased a new stake in shares of MGM Resorts International during the fourth quarter valued at about $78,597,000. American Century Companies Inc. raised its stake in shares of MGM Resorts International by 150.1% in the second quarter. American Century Companies Inc. now owns 3,476,600 shares of the company’s stock valued at $78,675,000 after buying an additional 2,086,254 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in shares of MGM Resorts International by 20.0% in the first quarter. TIAA CREF Investment Management LLC now owns 7,319,163 shares of the company’s stock valued at $156,923,000 after buying an additional 1,221,442 shares in the last quarter. 71.23% of the stock is owned by institutional investors and hedge funds.
MGM Resorts International (NYSE:MGM) traded up 1.13% during midday trading on Wednesday, reaching $25.86. The company had a trading volume of 978,514 shares. The company’s market capitalization is $14.63 billion. MGM Resorts International has a 1-year low of $16.18 and a 1-year high of $25.96. The firm has a 50-day moving average of $24.71 and a 200 day moving average of $23.21.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, August 4th. The company reported $0.26 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.02. MGM Resorts International had a positive return on equity of 3.65% and a negative net margin of 1.90%. The firm earned $2.45 billion during the quarter, compared to analysts’ expectations of $2.33 billion. During the same quarter in the prior year, the company posted $0.19 earnings per share. MGM Resorts International’s quarterly revenue was down 4.8% compared to the same quarter last year. On average, equities research analysts forecast that MGM Resorts International will post $0.67 EPS for the current year.
A number of analysts have recently weighed in on the company. Buckingham Research assumed coverage on MGM Resorts International in a research note on Thursday, August 11th. They set a “buy” rating and a $31.00 price objective for the company. Zacks Investment Research lowered MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Tuesday, July 26th. Deutsche Bank AG reissued a “buy” rating and set a $29.00 price objective on shares of MGM Resorts International in a research note on Monday, June 27th. Telsey Advisory Group increased their price objective on MGM Resorts International from $27.00 to $29.00 and gave the company an “outperform” rating in a research note on Friday, June 17th. Finally, Susquehanna reissued a “positive” rating and set a $30.00 price objective on shares of MGM Resorts International in a research note on Thursday, September 8th. Two equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of C$27.71.
In other MGM Resorts International news, EVP John Mcmanus sold 12,363 shares of the company’s stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of C$24.44, for a total value of C$302,151.72. Following the completion of the sale, the executive vice president now directly owns 40,071 shares in the company, valued at approximately C$979,335.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alexis Herman sold 2,391 shares of the company’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of C$24.66, for a total value of C$58,962.06. Following the completion of the sale, the director now owns 24,511 shares of the company’s stock, valued at C$604,441.26. The disclosure for this sale can be found here. 16.90% of the stock is owned by company insiders.
MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations.
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