Laurel Wealth Advisors Inc. boosted its holdings in shares of MGM Resorts International (NYSE:MGM) by 66.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,499 shares of the company’s stock after acquiring an additional 4,999 shares during the quarter. Laurel Wealth Advisors Inc.’s holdings in MGM Resorts International were worth $417,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the company. Millennium Management LLC boosted its stake in MGM Resorts International by 248.2% during the fourth quarter. Millennium Management LLC now owns 2,458,545 shares of the company’s stock worth $82,091,000 after buying an additional 1,752,560 shares in the last quarter. Clearline Capital LP acquired a new stake in MGM Resorts International during the fourth quarter worth $439,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in MGM Resorts International by 64.8% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 15,897 shares of the company’s stock worth $532,000 after buying an additional 6,248 shares in the last quarter. Cornerstone Capital Management Holdings LLC. boosted its stake in MGM Resorts International by 49.6% during the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 132,953 shares of the company’s stock worth $4,437,000 after buying an additional 44,085 shares in the last quarter. Finally, Raymond James & Associates boosted its stake in MGM Resorts International by 10.6% during the fourth quarter. Raymond James & Associates now owns 173,601 shares of the company’s stock worth $5,797,000 after buying an additional 16,646 shares in the last quarter. 82.50% of the stock is currently owned by institutional investors.
Several equities research analysts have recently commented on the stock. Barclays boosted their target price on shares of MGM Resorts International from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. Stifel Nicolaus reaffirmed a “hold” rating and issued a $37.00 price target (up from $36.00) on shares of MGM Resorts International in a report on Wednesday, February 21st. Zacks Investment Research raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Monday, February 5th. Telsey Advisory Group initiated coverage on MGM Resorts International in a report on Wednesday, March 14th. They set a “market perform” rating and a $39.00 price objective for the company. Finally, Bank of America boosted 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. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $38.53.
Shares of NYSE MGM traded down $1.44 during trading hours on Friday, hitting $34.13. The company had a trading volume of 9,690,572 shares, compared to its average volume of 7,208,175. The company has a market cap of $20,145.69, a PE ratio of 33.46, a PEG ratio of 1.69 and a beta of 1.40. The company has a current ratio of 0.77, a quick ratio of 0.73 and a debt-to-equity ratio of 1.09. MGM Resorts International has a 1-year low of $27.01 and a 1-year high of $38.41.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Tuesday, February 20th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. MGM Resorts International had a return on equity of 5.78% and a net margin of 17.92%. The business had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.51 billion. During the same quarter in the prior year, the business earned $0.11 EPS. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. sell-side analysts predict that MGM Resorts International will post 1.39 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Friday, March 9th were given a dividend of $0.12 per share. This is a boost from MGM Resorts International’s previous quarterly dividend of $0.11. The ex-dividend date was Thursday, March 8th. This represents a $0.48 annualized dividend and a yield of 1.41%. MGM Resorts International’s dividend payout ratio (DPR) is presently 47.06%.
In other MGM Resorts International news, President William Hornbuckle sold 60,000 shares of the stock in a transaction on Friday, March 9th. The stock was sold at an average price of $36.36, for a total transaction of $2,181,600.00. Following the transaction, the president now owns 26,289 shares in the company, valued at approximately $955,868.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel D’arrigo sold 36,366 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $34.78, for a total value of $1,264,809.48. Following the transaction, the chief financial officer now owns 242,799 shares in the company, valued at approximately $8,444,549.22. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 46,000 shares of company stock worth $49,000 and have sold 142,646 shares worth $5,104,710. 12.20% of the stock is owned by company insiders.
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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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