Pacer Advisors Inc. Buys 784 Shares of MGM Resorts International (MGM)

Pacer Advisors Inc. increased its stake in MGM Resorts International (NYSE:MGM) by 8.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,053 shares of the company’s stock after purchasing an additional 784 shares during the quarter. Pacer Advisors Inc.’s holdings in MGM Resorts International were worth $315,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MGM. BlackRock Inc. grew its position in shares of MGM Resorts International by 9,411.8% in the first quarter. BlackRock Inc. now owns 22,704,066 shares of the company’s stock valued at $622,092,000 after purchasing an additional 22,465,373 shares in the last quarter. Iridian Asset Management LLC CT purchased a new position in shares of MGM Resorts International in the second quarter valued at $192,055,000. Vanguard Group Inc. grew its position in shares of MGM Resorts International by 8.4% in the first quarter. Vanguard Group Inc. now owns 39,845,368 shares of the company’s stock valued at $1,091,763,000 after purchasing an additional 3,096,490 shares in the last quarter. Canyon Capital Advisors LLC grew its position 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 purchasing an additional 2,877,500 shares in the last quarter. Finally, Janus Capital Management LLC grew its position in shares of MGM Resorts International by 297.5% in the first quarter. Janus Capital Management LLC now owns 2,876,597 shares of the company’s stock valued at $78,819,000 after purchasing an additional 2,152,863 shares in the last quarter. Institutional investors own 75.22% of the company’s stock.

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MGM has been the subject of several recent analyst reports. UBS AG cut MGM Resorts International from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $33.00 to $36.00 in a research report on Tuesday, August 1st. Bank of America Corporation restated a “buy” rating and set a $40.00 target price (up from $38.00) on shares of MGM Resorts International in a research report on Friday, September 8th. Deutsche Bank AG cut MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 target price for the company. in a research report on Monday. Instinet restated a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 17th. Finally, BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $35.12.

In related news, CAO Robert Selwood sold 40,325 shares of MGM Resorts International stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $33.86, for a total value of $1,365,404.50. Following the completion of the transaction, the chief accounting officer now owns 197,993 shares in the company, valued at $6,704,042.98. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James Murren sold 294,150 shares of MGM Resorts International stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $34.08, for a total value of $10,024,632.00. Following the completion of the transaction, the chief executive officer now owns 71,442 shares of the company’s stock, valued at approximately $2,434,743.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 819,831 shares of company stock valued at $27,686,927. Company insiders own 12.20% of the company’s stock.

Shares of MGM Resorts International (NYSE:MGM) opened at 32.75 on Wednesday. The stock has a 50 day moving average price of $32.20 and a 200-day moving average price of $30.49. The company has a market cap of $18.84 billion, a price-to-earnings ratio of 19.39 and a beta of 1.48. MGM Resorts International has a 1-year low of $24.64 and a 1-year high of $34.65.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.03. The firm had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 earnings per share. Equities research analysts forecast that MGM Resorts International will post $1.29 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Monday, September 11th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.34%. MGM Resorts International’s payout ratio is 26.04%.

MGM Resorts International declared that its board has approved a stock buyback program on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

MGM Resorts International 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.

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

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