Teachers Advisors LLC lessened its stake in MGM Resorts International (NYSE:MGM) by 23.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,078,715 shares of the company’s stock after selling 630,072 shares during the quarter. Teachers Advisors LLC owned approximately 0.37% of MGM Resorts International worth $69,408,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of MGM. Sun Life Financial INC purchased a new position in shares of MGM Resorts International during the 3rd quarter valued at $124,000. Cerebellum GP LLC purchased a new position in MGM Resorts International in the fourth quarter worth $126,000. Northwestern Mutual Wealth Management Co. grew 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 worth $165,000 after acquiring an additional 2,318 shares in the last quarter. Spirit of America Management Corp NY grew 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 worth $190,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new position in MGM Resorts International in the third quarter worth $197,000. 82.50% of the stock is currently owned by institutional investors.
In other news, Director William Warwick Grounds acquired 1,000 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, March 14th. The stock was purchased at an average price of $35.50 per share, for a total transaction of $35,500.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel J. Taylor sold 12,536 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $34.67, for a total transaction of $434,623.12. The disclosure for this sale can be found here. In the last 90 days, insiders bought 46,000 shares of company stock valued at $49,000 and sold 142,646 shares valued at $5,104,710. Insiders own 12.20% of the company’s stock.
Several analysts have issued reports on MGM shares. JPMorgan Chase restated an “overweight” rating and set a $44.00 price target (up from $41.00) on shares of MGM Resorts International in a research report on Tuesday, January 9th. Zacks Investment Research raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Monday, February 5th. Barclays upped their price objective 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. Jefferies Group began coverage on shares of MGM Resorts International in a research note on Thursday, January 18th. They issued a “buy” rating and a $43.00 price target for the company. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $37.00 price target (up from $36.00) on shares of MGM Resorts International in a research note on Wednesday, February 21st. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $38.53.
NYSE MGM traded down $1.44 on Friday, reaching $34.13. The company had a trading volume of 9,692,272 shares, compared to its average volume of 7,208,175. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.73 and a current ratio of 0.77. The company has a market cap of $19,330.11, a P/E ratio of 33.46, a P/E/G ratio of 1.62 and a beta of 1.40. MGM Resorts International has a 12 month low of $27.01 and a 12 month high of $38.41.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Tuesday, February 20th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.04. The business had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.51 billion. MGM Resorts International had a net margin of 17.92% and a return on equity of 5.78%. The business’s revenue was up 5.5% on a year-over-year basis. During the same period last year, the company posted $0.11 EPS. analysts forecast that MGM Resorts International will post 1.39 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Friday, March 9th were issued a $0.12 dividend. The ex-dividend date was Thursday, March 8th. This represents a $0.48 annualized dividend and a dividend yield of 1.41%. This is a positive change from MGM Resorts International’s previous quarterly dividend of $0.11. MGM Resorts International’s payout ratio is currently 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.
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