Clearline Capital LP acquired a new position in shares of MGM Resorts International (NYSE:MGM) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 13,158 shares of the company’s stock, valued at approximately $439,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of MGM. Sun Life Financial INC purchased a new position in MGM Resorts International during the third quarter worth $124,000. Cerebellum GP LLC purchased a new position in MGM Resorts International during the fourth quarter worth $126,000. Northwestern Mutual Wealth Management Co. boosted its stake in MGM Resorts International by 88.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,945 shares of the company’s stock worth $165,000 after buying an additional 2,318 shares during the period. Spirit of America Management Corp NY boosted its stake in MGM Resorts International by 78.1% during the fourth quarter. Spirit of America Management Corp NY now owns 5,700 shares of the company’s stock worth $190,000 after buying an additional 2,500 shares during the period. Finally, Steward Partners Investment Advisory LLC purchased a new position in MGM Resorts International during the third quarter worth $197,000. 82.52% of the stock is owned by institutional investors.
Several research analysts have commented on MGM shares. Jefferies Group initiated coverage on shares of MGM Resorts International in a research note on Thursday, January 18th. They set a “buy” rating and a $43.00 price objective for the company. JPMorgan Chase & Co. reissued an “overweight” rating and set a $44.00 target price (up from $41.00) on shares of MGM Resorts International in a research note on Tuesday, January 9th. Bank of America boosted their target price on shares of MGM Resorts International from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Zacks Investment Research lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Friday, February 23rd. Finally, Stifel Nicolaus reissued a “hold” rating and set a $37.00 target price (up from $36.00) on shares of MGM Resorts International in a research note on Wednesday, February 21st. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $37.94.
Shares of MGM Resorts International (NYSE:MGM) opened at $36.77 on Tuesday. MGM Resorts International has a one year low of $25.21 and a one year high of $38.41. The firm has a market cap of $20,820.00, a PE ratio of 39.54, a P/E/G ratio of 1.76 and a beta of 1.45. The company has a quick ratio of 0.73, a current ratio of 0.77 and a debt-to-equity ratio of 1.09.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Tuesday, February 20th. The company reported $0.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.04. MGM Resorts International had a net margin of 17.92% and a return on equity of 5.78%. The company had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.51 billion. During the same period in the prior year, the firm earned $0.11 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. analysts anticipate that MGM Resorts International will post 1.39 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Friday, March 9th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 8th. This is an increase from MGM Resorts International’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a yield of 1.31%. MGM Resorts International’s payout ratio is currently 51.61%.
In other MGM Resorts International news, CFO Daniel D’arrigo sold 36,366 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $34.78, for a total value of $1,264,809.48. Following the completion of the transaction, the chief financial officer now directly owns 242,799 shares in the company, valued at $8,444,549.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William A. Bible sold 6,260 shares of the business’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $34.47, for a total transaction of $215,782.20. Following the completion of the transaction, the director now owns 27,081 shares of the company’s stock, valued at $933,482.07. The disclosure for this sale can be found here. Insiders sold 55,162 shares of company stock valued at $1,915,215 over the last quarter. 12.20% of the stock is currently owned by corporate insiders.
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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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