MGM Resorts International (NYSE:MGM) Director William Warwick Grounds purchased 1,000 shares of the business’s stock in a transaction on Wednesday, March 14th. The stock was purchased at an average cost of $35.50 per share, with a total value of $35,500.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
MGM Resorts International stock opened at $34.13 on Monday. 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 firm has a market capitalization 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 twelve month low of $27.01 and a twelve month 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, topping the consensus estimate of $0.07 by $0.04. The business 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 firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 earnings per share. equities analysts anticipate 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. Shareholders of record on Friday, March 9th were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, March 8th. This is an increase from MGM Resorts International’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a yield of 1.41%. MGM Resorts International’s payout ratio is currently 47.06%.
Several hedge funds have recently added to or reduced their stakes in MGM. BlackRock Inc. increased its position in shares of MGM Resorts International by 19.9% in the fourth quarter. BlackRock Inc. now owns 35,609,163 shares of the company’s stock valued at $1,188,991,000 after acquiring an additional 5,897,782 shares during the period. Maverick Capital Ltd. increased its position 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 valued at $296,096,000 after acquiring an additional 1,852,880 shares during the period. Millennium Management LLC increased its position in shares of MGM Resorts International by 248.2% in the fourth quarter. Millennium Management LLC now owns 2,458,545 shares of the company’s stock valued at $82,091,000 after acquiring an additional 1,752,560 shares during the period. Renaissance Technologies LLC purchased a new position in shares of MGM Resorts International in the fourth quarter valued at about $53,202,000. Finally, Bank of New York Mellon Corp increased its position in shares of MGM Resorts International by 70.3% during the third quarter. Bank of New York Mellon Corp now owns 3,199,526 shares of the company’s stock valued at $104,272,000 after buying an additional 1,320,446 shares during the period. Hedge funds and other institutional investors own 82.50% of the company’s stock.
MGM has been the subject of a number of research analyst reports. Morgan Stanley lifted their price objective on shares of MGM Resorts International from $40.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, March 27th. 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 report on Monday, February 5th. Barclays lifted their price objective on shares of MGM Resorts International from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Stifel Nicolaus reaffirmed a “hold” rating and set a $37.00 price objective (up from $36.00) on shares of MGM Resorts International in a report on Wednesday, February 21st. Finally, Telsey Advisory Group initiated coverage on shares of 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. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $38.53.
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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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