California State Teachers Retirement System lowered its holdings in MGM Resorts International (NYSE:MGM) by 0.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 874,329 shares of the company’s stock after selling 7,597 shares during the period. California State Teachers Retirement System owned approximately 0.15% of MGM Resorts International worth $29,194,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. BlackRock Inc. raised its stake in MGM Resorts International by 19.9% during the fourth 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. grew its holdings in shares of MGM Resorts International by 26.4% in the fourth quarter. Maverick Capital Ltd. now owns 8,867,800 shares of the company’s stock worth $296,096,000 after acquiring an additional 1,852,880 shares during the period. Renaissance Technologies LLC bought a new stake in shares of MGM Resorts International in the fourth quarter worth $53,202,000. Bank of New York Mellon Corp grew its holdings in shares of MGM Resorts International by 70.3% in the third quarter. Bank of New York Mellon Corp now owns 3,199,526 shares of the company’s stock worth $104,272,000 after acquiring an additional 1,320,446 shares during the period. Finally, Carillon Tower Advisers Inc. bought a new stake in MGM Resorts International during the fourth quarter valued at about $37,539,000. Institutional investors and hedge funds own 82.50% of the company’s stock.
Shares of NYSE:MGM traded down $1.44 during trading on Friday, hitting $34.13. The company’s stock had a trading volume of 9,692,272 shares, compared to its average volume of 7,208,175. The company has a quick ratio of 0.73, a current ratio of 0.77 and a debt-to-equity ratio of 1.09. The company has a market cap of $19,330.11, a price-to-earnings ratio of 33.46, a price-to-earnings-growth ratio of 1.62 and a beta of 1.40. MGM Resorts International has a fifty-two week low of $27.01 and a fifty-two week high of $38.41.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Tuesday, February 20th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.04. The firm had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.51 billion. MGM Resorts International had a net margin of 17.92% and a return on equity of 5.78%. The company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.11 earnings per share. analysts expect that MGM Resorts International will post 1.39 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Friday, March 9th were issued a dividend of $0.12 per share. This is a boost from MGM Resorts International’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a yield of 1.41%. The ex-dividend date was Thursday, March 8th. MGM Resorts International’s dividend payout ratio is currently 47.06%.
Several analysts have issued reports on MGM shares. Bank of America boosted their price objective on MGM Resorts International from $38.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Zacks Investment Research upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Monday, February 5th. 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. Morgan Stanley increased their price objective on MGM Resorts International from $40.00 to $41.00 and gave the stock a “buy” rating in a research note on Tuesday, March 27th. Finally, Stifel Nicolaus restated a “hold” rating and set a $37.00 target price (up previously from $36.00) on shares of MGM Resorts International in a report on Wednesday, February 21st. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. MGM Resorts International has an average rating of “Buy” and a consensus price target of $38.53.
In related news, CFO Daniel D’arrigo sold 36,366 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $34.78, for a total transaction of $1,264,809.48. Following the transaction, the chief financial officer now owns 242,799 shares of the company’s stock, valued at $8,444,549.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William A. Bible sold 6,260 shares of the company’s stock in a transaction that occurred on Tuesday, March 6th. The shares were sold at an average price of $34.47, for a total transaction of $215,782.20. Following the transaction, the director now directly owns 27,081 shares in the company, valued at approximately $933,482.07. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 46,000 shares of company stock worth $49,000 and have sold 142,646 shares worth $5,104,710. Corporate insiders own 12.20% of the company’s stock.
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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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