MGM Resorts International (MGM) Stake Lessened by Van ECK Associates Corp

Van ECK Associates Corp lowered its position in shares of MGM Resorts International (NYSE:MGM) by 31.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 74,124 shares of the company’s stock after selling 34,372 shares during the quarter. Van ECK Associates Corp’s holdings in MGM Resorts International were worth $2,152,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Synovus Financial Corp acquired a new position in MGM Resorts International in the 1st quarter valued at approximately $102,000. MUFG Americas Holdings Corp acquired a new position in MGM Resorts International in the 2nd quarter valued at approximately $102,000. Piedmont Investment Advisors LLC acquired a new position in MGM Resorts International in the 2nd quarter valued at approximately $170,000. Moors & Cabot Inc. acquired a new position in MGM Resorts International in the 1st quarter valued at approximately $207,000. Finally, Princeton Capital Management LLC acquired a new position in MGM Resorts International in the 2nd quarter valued at approximately $218,000. Institutional investors and hedge funds own 79.87% of the company’s stock.

MGM stock opened at $27.68 on Friday. The company has a quick ratio of 0.64, a current ratio of 0.68 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $14.66 billion, a price-to-earnings ratio of 29.31, a price-to-earnings-growth ratio of 3.51 and a beta of 1.44. MGM Resorts International has a 12 month low of $26.31 and a 12 month high of $38.41.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Thursday, August 2nd. The company reported $0.26 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.26. The company had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.97 billion. MGM Resorts International had a net margin of 17.11% and a return on equity of 5.07%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.28 earnings per share. equities research analysts predict that MGM Resorts International will post 1.16 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Monday, September 10th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend was Friday, September 7th. MGM Resorts International’s dividend payout ratio is 47.06%.

Several research analysts have weighed in on MGM shares. Morgan Stanley upped their price objective on shares of MGM Resorts International from $38.00 to $39.00 and gave the company an “overweight” rating in a research note on Tuesday, June 26th. Jefferies Financial Group reiterated a “buy” rating on shares of MGM Resorts International in a research note on Wednesday, August 1st. Goldman Sachs Group lowered shares of MGM Resorts International from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a research note on Monday, June 25th. Telsey Advisory Group dropped their price objective on shares of MGM Resorts International from $34.00 to $31.00 and set a “market perform” rating on the stock in a research note on Friday, August 3rd. Finally, Nomura dropped their price objective on shares of MGM Resorts International from $40.00 to $39.00 and set a “buy” rating on the stock in a research note on Monday, July 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. MGM Resorts International currently has a consensus rating of “Buy” and an average price target of $37.14.

In related news, CFO Daniel D’arrigo sold 29,377 shares of the company’s stock in a transaction on Friday, August 31st. The shares were sold at an average price of $29.23, for a total transaction of $858,689.71. Following the completion of the sale, the chief financial officer now directly owns 260,676 shares of the company’s stock, valued at approximately $7,619,559.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Alexis Herman sold 1,750 shares of the company’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $28.28, for a total transaction of $49,490.00. The disclosure for this sale can be found here. Insiders sold 34,627 shares of company stock valued at $1,009,155 over the last three months. Insiders own 12.20% of the company’s stock.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

Further Reading: Index Funds

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

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