Renaissance Technologies LLC Takes $53.20 Million Position in MGM Resorts International (MGM)

Renaissance Technologies LLC bought a new position in MGM Resorts International (NYSE:MGM) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,593,340 shares of the company’s stock, valued at approximately $53,202,000. Renaissance Technologies LLC owned about 0.28% of MGM Resorts International at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MGM. Sun Life Financial INC bought a new stake in MGM Resorts International in the third quarter valued at approximately $124,000. Cerebellum GP LLC bought a new stake in MGM Resorts International in the fourth quarter valued at approximately $126,000. Northwestern Mutual Wealth Management Co. lifted its position in MGM Resorts International by 88.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,945 shares of the company’s stock valued at $165,000 after purchasing an additional 2,318 shares during the last quarter. Spirit of America Management Corp NY lifted its position in MGM Resorts International by 78.1% in the fourth quarter. Spirit of America Management Corp NY now owns 5,700 shares of the company’s stock valued at $190,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new stake in MGM Resorts International in the third quarter valued at approximately $197,000. Institutional investors own 82.50% of the company’s stock.

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In related news, Director Alexis Herman sold 4,350 shares of the company’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $36.63, for a total value of $159,340.50. Following the sale, the director now directly owns 3,935 shares of the company’s stock, valued at $144,139.05. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Daniel D’arrigo sold 36,366 shares of the company’s 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 completion of the sale, the chief financial officer now directly owns 242,799 shares in the company, valued at $8,444,549.22. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 46,000 shares of company stock worth $49,000 and sold 142,646 shares worth $5,104,710. 12.20% of the stock is owned by corporate insiders.

Several analysts have weighed in on MGM shares. JPMorgan Chase reiterated an “overweight” rating and issued a $44.00 price objective (up previously from $41.00) on shares of MGM Resorts International in a research report on Tuesday, January 9th. Zacks Investment Research downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, February 23rd. Morgan Stanley boosted their price objective on MGM Resorts International from $40.00 to $41.00 and gave the company a “buy” rating in a research report on Tuesday, March 27th. Jefferies Group assumed coverage on MGM Resorts International in a research note on Thursday, January 18th. They set a “buy” rating and a $43.00 target price on the stock. Finally, Bank of America boosted their target price on MGM Resorts International from $38.00 to $39.00 and gave the company a “buy” rating in a research note 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. MGM Resorts International currently has a consensus rating of “Buy” and an average price target of $38.53.

Shares of MGM stock opened at $34.13 on Friday. The firm has a market capitalization of $19,783.21, a P/E ratio of 33.46, a PEG ratio of 1.66 and a beta of 1.40. MGM Resorts International has a twelve month low of $27.01 and a twelve month high of $38.41. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.73 and a current ratio of 0.77.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Tuesday, February 20th. The company reported $0.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.04. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.51 billion. MGM Resorts International had a return on equity of 5.78% and a net margin of 17.92%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.11 earnings per share. equities analysts anticipate that MGM Resorts International will post 1.39 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Friday, March 9th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.41%. This is a boost from MGM Resorts International’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Thursday, March 8th. MGM Resorts International’s dividend payout ratio is presently 47.06%.

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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.

Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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