Nationwide Fund Advisors trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 1.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 564,375 shares of the company’s stock after selling 8,180 shares during the quarter. Nationwide Fund Advisors owned 0.10% of MGM Resorts International worth $17,659,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in MGM. Toronto Dominion Bank lifted its position in shares of MGM Resorts International by 28.0% during the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock worth $138,000 after purchasing an additional 1,099 shares during the last quarter. Pacad Investment Ltd. bought a new stake in shares of MGM Resorts International during the second quarter worth $169,000. Global X Management Co. LLC lifted its position in shares of MGM Resorts International by 30.4% during the first quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock worth $203,000 after purchasing an additional 1,724 shares during the last quarter. Cigna Investments Inc. New bought a new stake in shares of MGM Resorts International during the second quarter worth $206,000. Finally, IPG Investment Advisors LLC bought a new stake in shares of MGM Resorts International during the second quarter worth $219,000. Institutional investors and hedge funds own 75.17% of the company’s stock.
In other news, insider Robert Baldwin sold 49,179 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $1,629,300.27. Following the sale, the insider now owns 145,105 shares of the company’s stock, valued at approximately $4,807,328.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rose Mckinney-James sold 3,097 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $33.83, for a total value of $104,771.51. Following the sale, the director now directly owns 10,724 shares in the company, valued at approximately $362,792.92. The disclosure for this sale can be found here. Insiders sold a total of 819,831 shares of company stock worth $27,686,927 in the last ninety days. 12.20% of the stock is owned by corporate insiders.
MGM has been the subject of several recent research reports. BidaskClub upgraded MGM Resorts International from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 25th. Zacks Investment Research downgraded MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Telsey Advisory Group lifted their price objective on MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Friday, July 28th. Bank of America Corporation restated a “buy” rating and issued a $40.00 price objective (up from $38.00) on shares of MGM Resorts International in a report on Friday, September 8th. Finally, Deutsche Bank AG downgraded MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price objective for the company. in a report on Monday, September 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eighteen have issued a buy rating to the stock. MGM Resorts International has a consensus rating of “Buy” and an average price target of $35.12.
Shares of MGM Resorts International (NYSE MGM) opened at 32.56 on Wednesday. The stock’s 50 day moving average price is $31.97 and its 200-day moving average price is $30.74. MGM Resorts International has a 52 week low of $24.78 and a 52 week high of $34.65. The stock has a market cap of $18.73 billion, a price-to-earnings ratio of 19.28 and a beta of 1.48.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. The company had revenue of $2.64 billion for 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%. MGM Resorts International’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.29 EPS. Equities analysts anticipate that MGM Resorts International will post $1.29 earnings per share for the current fiscal year.
MGM Resorts International announced that its Board of Directors has authorized a stock repurchase program on Tuesday, September 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Monday, September 11th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Friday, September 8th. MGM Resorts International’s dividend payout ratio is currently 26.04%.
About MGM Resorts International
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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