Sei Investments Co. cut its stake in MGM Resorts International (NYSE:MGM) by 7.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 221,575 shares of the company’s stock after selling 19,067 shares during the period. Sei Investments Co.’s holdings in MGM Resorts International were worth $7,760,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. BlackRock Inc. raised its position in MGM Resorts International by 19.9% in the 4th quarter. BlackRock Inc. now owns 35,609,163 shares of the company’s stock valued at $1,188,991,000 after buying an additional 5,897,782 shares during the last quarter. Maverick Capital Ltd. raised its position in MGM Resorts International by 26.4% in the 4th quarter. Maverick Capital Ltd. now owns 8,867,800 shares of the company’s stock valued at $296,096,000 after buying an additional 1,852,880 shares during the last quarter. Millennium Management LLC raised its position in MGM Resorts International by 248.2% in the 4th quarter. Millennium Management LLC now owns 2,458,545 shares of the company’s stock valued at $82,091,000 after buying an additional 1,752,560 shares during the last quarter. Renaissance Technologies LLC bought a new position in MGM Resorts International in the 4th quarter valued at $53,202,000. Finally, Carillon Tower Advisers Inc. bought a new position in MGM Resorts International in the 4th quarter valued at $37,539,000. Hedge funds and other institutional investors own 82.45% of the company’s stock.
In other MGM Resorts International news, Director Rose Mckinney-James sold 5,624 shares of MGM Resorts International stock in a transaction on Friday, June 1st. The stock was sold at an average price of $31.89, for a total transaction of $179,349.36. Following the completion of the transaction, the director now owns 3,870 shares in the company, valued at $123,414.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Christine Gay sold 1,585 shares of MGM Resorts International stock in a transaction on Tuesday, June 5th. The shares were sold at an average price of $30.94, for a total value of $49,039.90. Following the transaction, the director now owns 14,336 shares of the company’s stock, valued at approximately $443,555.84. The disclosure for this sale can be found here. Insiders have sold 11,049 shares of company stock valued at $349,925 in the last quarter. 0.43% of the stock is owned by company insiders.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Thursday, April 26th. The company reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.02). MGM Resorts International had a net margin of 17.88% and a return on equity of 5.45%. The firm had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. equities analysts predict that MGM Resorts International will post 1.28 EPS for the current year.
MGM Resorts International declared that its board has authorized a stock buyback program on Thursday, May 10th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, June 15th. Investors of record on Friday, June 8th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was 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 presently 47.06%.
Several research firms have recently weighed in on MGM. ValuEngine upgraded MGM Resorts International from a “hold” rating to a “buy” rating in a research note on Wednesday, April 18th. Zacks Investment Research raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a report on Tuesday, April 24th. Telsey Advisory Group assumed coverage on MGM Resorts International in a report on Wednesday, March 14th. They issued a “market perform” rating and a $39.00 price target on the stock. Susquehanna Bancshares raised MGM Resorts International from a “neutral” rating to a “positive” rating in a report on Monday, April 23rd. Finally, UBS Group raised MGM Resorts International from a “neutral” rating to a “positive” rating in a report on Monday, April 23rd. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $38.29.
MGM Resorts International Company 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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