Stifel Financial Corp lowered its position in shares of MGM Resorts International (NYSE:MGM) by 7.8% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 117,571 shares of the company’s stock after selling 9,983 shares during the quarter. Stifel Financial Corp’s holdings in MGM Resorts International were worth $3,671,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of MGM. BlackRock Inc. grew its holdings in shares of MGM Resorts International by 9,411.8% during the 1st quarter. BlackRock Inc. now owns 22,704,066 shares of the company’s stock worth $622,092,000 after purchasing an additional 22,465,373 shares during the period. Iridian Asset Management LLC CT purchased a new stake in shares of MGM Resorts International during the 2nd quarter worth about $192,055,000. FMR LLC grew its holdings in shares of MGM Resorts International by 66.7% during the 2nd quarter. FMR LLC now owns 7,242,214 shares of the company’s stock worth $226,609,000 after purchasing an additional 2,897,242 shares during the period. Canyon Capital Advisors LLC grew its holdings in shares of MGM Resorts International by 19.3% during the 1st quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock worth $488,234,000 after purchasing an additional 2,877,500 shares during the period. Finally, Janus Capital Management LLC grew its holdings in shares of MGM Resorts International by 297.5% during the 1st quarter. Janus Capital Management LLC now owns 2,876,597 shares of the company’s stock worth $78,819,000 after purchasing an additional 2,152,863 shares during the period. Institutional investors and hedge funds own 75.20% of the company’s stock.
A number of analysts have recently issued reports on the company. Bank of America Corporation reiterated a “buy” rating and set a $40.00 target price (up previously from $38.00) on shares of MGM Resorts International in a report on Friday, September 8th. Morgan Stanley restated an “overweight” rating and issued a $34.00 price target (up previously from $33.00) on shares of MGM Resorts International in a report on Monday, July 10th. UBS AG restated a “buy” rating on shares of MGM Resorts International in a report on Monday, July 10th. Deutsche Bank AG restated a “buy” rating and issued a $36.00 price target (up previously from $34.00) on shares of MGM Resorts International in a report on Sunday, July 30th. Finally, Instinet restated a “buy” rating and issued a $40.00 price target on shares of MGM Resorts International in a report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $35.80.
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MGM Resorts International (NYSE MGM) opened at 30.43 on Wednesday. The firm has a market capitalization of $17.50 billion, a price-to-earnings ratio of 18.02 and a beta of 1.46. MGM Resorts International has a 12 month low of $25.15 and a 12 month high of $34.65. The firm has a 50 day moving average price of $32.13 and a 200-day moving average price of $31.34.
MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.03. The firm 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%. The company’s revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 EPS. On average, equities analysts forecast that MGM Resorts International will post $1.28 EPS for the current year.
MGM Resorts International announced that its Board of Directors has authorized a stock buyback program on Tuesday, September 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Monday, September 11th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.45%. The ex-dividend date was Friday, September 8th. MGM Resorts International’s payout ratio is presently 26.04%.
In other news, Director Mary Christine Gay sold 3,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $31.88, for a total transaction of $95,640.00. Following the sale, the director now owns 11,208 shares of the company’s stock, valued at approximately $357,311.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rose Mckinney-James sold 3,097 shares of MGM Resorts International stock in a transaction that occurred on 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 have sold a total of 819,831 shares of company stock worth $27,686,927 in the last three months. 12.20% of the stock is owned by insiders.
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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