Real Estate Management Services LLC Sells 24,200 Shares of MGM Resorts International (NYSE:MGM)


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Real Estate Management Services LLC lessened its position in shares of MGM Resorts International (NYSE:MGM) by 46.6% in the first quarter, HoldingsChannel.com reports. The fund owned 27,700 shares of the company’s stock after selling 24,200 shares during the period. Real Estate Management Services LLC’s holdings in MGM Resorts International were worth $1,052,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Exchange Traded Concepts LLC lifted its holdings in shares of MGM Resorts International by 64.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 303,171 shares of the company’s stock worth $11,517,000 after acquiring an additional 118,764 shares during the period. Hartford Investment Management Co. lifted its holdings in shares of MGM Resorts International by 9.3% during the 4th quarter. Hartford Investment Management Co. now owns 47,045 shares of the company’s stock worth $1,482,000 after acquiring an additional 4,008 shares during the period. Scotia Capital Inc. bought a new stake in shares of MGM Resorts International during the 4th quarter worth approximately $747,000. Morgan Stanley lifted its holdings in shares of MGM Resorts International by 63.0% during the 4th quarter. Morgan Stanley now owns 6,763,285 shares of the company’s stock worth $213,110,000 after acquiring an additional 2,613,254 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of MGM Resorts International by 3.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 337,869 shares of the company’s stock worth $10,646,000 after acquiring an additional 10,000 shares during the period. 63.39% of the stock is owned by institutional investors.

Several equities analysts recently commented on the stock. Morgan Stanley raised shares of MGM Resorts International from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research note on Monday, April 5th. The Goldman Sachs Group increased their price objective on shares of MGM Resorts International from $23.00 to $27.00 and gave the company a “sell” rating in a research note on Tuesday, January 26th. Smith Barney Citigroup downgraded shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Thursday, January 7th. They noted that the move was a valuation call. Jefferies Financial Group raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and increased their price objective for the company from $36.00 to $50.00 in a research note on Monday, March 22nd. Finally, Argus raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research note on Monday, March 1st. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company’s stock. MGM Resorts International presently has an average rating of “Hold” and a consensus price target of $30.81.

In other news, Director William Warwick Grounds sold 3,500 shares of the stock in a transaction on Wednesday, March 3rd. The shares were sold at an average price of $39.10, for a total transaction of $136,850.00. Also, Director Keith A. Meister sold 2,168,852 shares of the stock in a transaction on Thursday, February 25th. The stock was sold at an average price of $37.24, for a total transaction of $80,768,048.48. Following the transaction, the director now directly owns 7,619 shares in the company, valued at $283,731.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,307,107 shares of company stock valued at $86,095,143. 5.06% of the stock is currently owned by corporate insiders.

Shares of MGM traded up $0.57 during trading hours on Thursday, hitting $41.77. 306,146 shares of the stock were exchanged, compared to its average volume of 9,621,451. MGM Resorts International has a fifty-two week low of $11.77 and a fifty-two week high of $42.74. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.24 and a quick ratio of 2.20. The business has a 50-day moving average of $39.36 and a 200-day moving average of $31.41. The firm has a market capitalization of $20.68 billion, a P/E ratio of 14.71 and a beta of 2.42.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, February 10th. The company reported ($0.90) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.96) by $0.06. MGM Resorts International had a net margin of 20.81% and a negative return on equity of 12.08%. The company had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the prior year, the company posted $0.08 earnings per share. MGM Resorts International’s revenue for the quarter was down 53.1% compared to the same quarter last year. As a group, analysts forecast that MGM Resorts International will post -4.09 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 15th. Stockholders of record on Wednesday, March 10th were given a dividend of $0.0025 per share. This represents a $0.01 annualized dividend and a dividend yield of 0.02%. The ex-dividend date was Tuesday, March 9th. MGM Resorts International’s dividend payout ratio (DPR) is presently 1.30%.

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.

Read More: Why Net Income is Important to Investors

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

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