Capital Management Associates NY lowered its holdings in shares of MGM Resorts International (NYSE:MGM) by 33.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,846 shares of the company’s stock after selling 11,050 shares during the quarter. Capital Management Associates NY’s holdings in MGM Resorts International were worth $712,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in the business. Spirit of America Management Corp NY bought a new stake in shares of MGM Resorts International in the 3rd quarter worth about $104,000. Pacad Investment Ltd. bought a new stake in shares of MGM Resorts International in the 2nd quarter worth about $169,000. Toronto Dominion Bank lifted its holdings in shares of MGM Resorts International by 12.4% in the 2nd quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after acquiring an additional 624 shares during the last quarter. Colony Group LLC bought a new stake in shares of MGM Resorts International in the 2nd quarter worth about $203,000. Finally, Cigna Investments Inc. New bought a new stake in shares of MGM Resorts International in the 2nd quarter worth about $206,000. Institutional investors and hedge funds own 76.63% of the company’s stock.
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Shares of MGM Resorts International (NYSE:MGM) traded up $0.18 during midday trading on Tuesday, reaching $33.06. 6,162,400 shares of the company’s stock traded hands, compared to its average volume of 8,841,466. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.98 and a current ratio of 1.02. MGM Resorts International has a twelve month low of $25.15 and a twelve month high of $34.65. The firm has a market cap of $18,614.63, a PE ratio of 29.10, a price-to-earnings-growth ratio of 7.47 and a beta of 1.42.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, December 11th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.33%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s payout ratio is 43.14%.
MGM Resorts International announced that its Board of Directors has approved a stock repurchase 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 shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In related news, insider Corey Ian Sanders sold 16,446 shares of the business’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $33.63, for a total value of $553,078.98. Following the completion of the sale, the insider now owns 198,058 shares of the company’s stock, valued at approximately $6,660,690.54. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO James Murren sold 259,760 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $34.19, for a total transaction of $8,881,194.40. Following the completion of the sale, the chief executive officer now directly owns 71,442 shares of the company’s stock, valued at approximately $2,442,601.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 698,548 shares of company stock valued at $23,770,532. Company insiders own 12.20% of the company’s stock.
MGM has been the subject of a number of research analyst reports. Stifel Nicolaus reiterated a “buy” rating on shares of MGM Resorts International in a report on Friday, September 1st. Roth Capital initiated coverage on shares of MGM Resorts International in a report on Wednesday, October 25th. They set a “buy” rating and a $38.00 price objective for the company. Morgan Stanley set a $35.00 price objective on shares of MGM Resorts International and gave the company a “buy” rating in a report on Friday, October 6th. Zacks Investment Research downgraded shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. Finally, Deutsche Bank AG downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 target price on the stock. in a research report on Monday, September 11th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. MGM Resorts International has a consensus rating of “Buy” and an average price target of $36.50.
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.
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