NGAM Advisors L.P. cut its stake in MGM Resorts International (NYSE:MGM) by 24.6% during the second quarter, Holdings Channel reports. The firm owned 90,960 shares of the company’s stock after selling 29,622 shares during the period. NGAM Advisors L.P.’s holdings in MGM Resorts International were worth $2,846,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of MGM. Canyon Capital Advisors LLC boosted its stake in shares of MGM Resorts International by 19.3% in the first quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock valued at $488,234,000 after buying an additional 2,877,500 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in shares of MGM Resorts International during the first quarter valued at $2,165,000. Stifel Financial Corp boosted its stake in shares of MGM Resorts International by 39.2% in the first quarter. Stifel Financial Corp now owns 127,554 shares of the company’s stock valued at $3,487,000 after buying an additional 35,898 shares during the period. GMT Capital Corp boosted its stake in shares of MGM Resorts International by 89.4% in the first quarter. GMT Capital Corp now owns 3,490,000 shares of the company’s stock valued at $95,626,000 after buying an additional 1,647,200 shares during the period. Finally, Highbridge Capital Management LLC boosted its stake in shares of MGM Resorts International by 92.4% in the first quarter. Highbridge Capital Management LLC now owns 36,357 shares of the company’s stock valued at $996,000 after buying an additional 17,457 shares during the period. Institutional investors and hedge funds own 73.49% of the company’s stock.
Shares of MGM Resorts International (NYSE MGM) opened at 30.51 on Friday. The company has a market capitalization of $17.54 billion, a price-to-earnings ratio of 18.05 and a beta of 1.48. The company’s 50 day moving average is $32.38 and its 200 day moving average is $29.93. MGM Resorts International has a one year low of $23.38 and a one year high of $34.53.
MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. The business had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. MGM Resorts International’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period last year, the firm posted $0.29 earnings per share. Equities research analysts predict that MGM Resorts International will post $1.24 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend is Friday, September 8th. MGM Resorts International’s dividend payout ratio is currently 26.04%.
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Several analysts have weighed in on MGM shares. Telsey Advisory Group reiterated an “outperform” rating and issued a $36.00 price objective (up previously from $32.00) on shares of MGM Resorts International in a research note on Thursday, April 27th. Zacks Investment Research cut shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, June 28th. TheStreet upgraded shares of MGM Resorts International from a “c+” rating to a “b” rating in a research report on Friday, April 28th. Morgan Stanley restated an “overweight” rating and issued a $34.00 target price (up from $33.00) on shares of MGM Resorts International in a research report on Monday, July 10th. Finally, Stifel Nicolaus boosted their target price on shares of MGM Resorts International from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, April 28th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nineteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $34.59.
In related news, EVP Robert Selwood sold 10,046 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $31.56, for a total value of $317,051.76. Following the sale, the executive vice president now directly owns 116,743 shares of the company’s stock, valued at $3,684,409.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Corey Ian Sanders sold 21,441 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $31.60, for a total transaction of $677,535.60. Following the completion of the sale, the chief operating officer now directly owns 210,558 shares in the company, valued at $6,653,632.80. The disclosure for this sale can be found here. Insiders sold 105,501 shares of company stock worth $3,417,518 over the last ninety days. 12.20% of the stock is currently owned by insiders.
MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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