Gamco Investors INC. ET AL grew its stake in MGM Resorts International (NYSE:MGM) by 20.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,574,110 shares of the company’s stock after purchasing an additional 272,410 shares during the period. Gamco Investors INC. ET AL owned approximately 0.28% of MGM Resorts International worth $55,125,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in the company. Gabelli Funds LLC increased its holdings in shares of MGM Resorts International by 0.9% in the first quarter. Gabelli Funds LLC now owns 877,595 shares of the company’s stock valued at $30,733,000 after purchasing an additional 7,600 shares during the period. Federated Investors Inc. PA increased its holdings in shares of MGM Resorts International by 88.3% in the first quarter. Federated Investors Inc. PA now owns 432,418 shares of the company’s stock valued at $15,144,000 after purchasing an additional 202,804 shares during the period. BlackRock Inc. grew its holdings in MGM Resorts International by 0.6% during the first quarter. BlackRock Inc. now owns 35,812,763 shares of the company’s stock worth $1,254,163,000 after acquiring an additional 203,600 shares during the period. Eagle Asset Management Inc. grew its holdings in MGM Resorts International by 13.9% during the first quarter. Eagle Asset Management Inc. now owns 1,877,549 shares of the company’s stock worth $65,751,000 after acquiring an additional 229,223 shares during the period. Finally, Bamco Inc. NY grew its holdings in MGM Resorts International by 13.5% during the first quarter. Bamco Inc. NY now owns 1,116,570 shares of the company’s stock worth $39,102,000 after acquiring an additional 132,872 shares during the period. 82.98% of the stock is currently owned by institutional investors and hedge funds.
MGM opened at $31.43 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.64 and a debt-to-equity ratio of 1.12. The firm has a market cap of $17.59 billion, a price-to-earnings ratio of 30.81, a PEG ratio of 2.03 and a beta of 1.39. MGM Resorts International has a one year low of $29.53 and a one year high of $38.41.
MGM Resorts International announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 10th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 10.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 8th will be given a $0.12 dividend. The ex-dividend date is Thursday, June 7th. This represents a $0.48 annualized dividend and a dividend yield of 1.53%. MGM Resorts International’s dividend payout ratio is currently 47.06%.
In other news, Director Mary Christine Gay sold 1,585 shares of the company’s stock in a transaction on Tuesday, June 5th. The stock was sold at an average price of $30.94, for a total value of $49,039.90. Following the sale, the director now directly owns 14,336 shares in the company, valued at $443,555.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Alexis Herman sold 3,840 shares of the company’s stock in a transaction on Monday, April 30th. The shares were sold at an average price of $31.65, for a total value of $121,536.00. The disclosure for this sale can be found here. Insiders sold 11,049 shares of company stock worth $349,925 over the last 90 days. Company insiders own 0.43% of the company’s stock.
MGM has been the topic of a number of recent analyst reports. ValuEngine raised MGM Resorts International from a “hold” rating to a “buy” rating in a report on Wednesday, April 18th. Morgan Stanley upped their price objective on MGM Resorts International from $40.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, March 27th. Zacks Investment Research raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a report on Tuesday, April 24th. Bank of America upped their price objective on MGM Resorts International from $38.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $37.00 price objective (up previously from $36.00) on shares of MGM Resorts International in a report on Wednesday, February 21st. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $38.29.
MGM Resorts International Profile
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.
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