Synovus Financial Corp purchased a new position in MGM Resorts International (NYSE:MGM) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,908 shares of the company’s stock, valued at approximately $102,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of MGM. National Pension Service lifted its holdings in MGM Resorts International by 3.5% in the 4th quarter. National Pension Service now owns 532,730 shares of the company’s stock worth $17,788,000 after purchasing an additional 17,834 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in MGM Resorts International by 3.9% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,822,821 shares of the company’s stock worth $60,864,000 after purchasing an additional 67,872 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in MGM Resorts International in the 4th quarter worth approximately $604,000. State of Alaska Department of Revenue lifted its holdings in MGM Resorts International by 79.4% in the 4th quarter. State of Alaska Department of Revenue now owns 61,477 shares of the company’s stock worth $2,050,000 after purchasing an additional 27,200 shares in the last quarter. Finally, CENTRAL TRUST Co lifted its holdings in MGM Resorts International by 58.0% in the 4th quarter. CENTRAL TRUST Co now owns 7,922 shares of the company’s stock worth $264,000 after purchasing an additional 2,909 shares in the last quarter. 82.52% of the stock is currently owned by institutional investors.
MGM has been the topic of a number of research reports. Zacks Investment Research raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research note on Tuesday, April 24th. ValuEngine raised MGM Resorts International from a “hold” rating to a “buy” rating in a research note on Wednesday, April 18th. Morgan Stanley lifted 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. Bank of America lifted their price objective on MGM Resorts International from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $37.00 price objective (up previously from $36.00) on shares of MGM Resorts International in a research note on Wednesday, February 21st. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $38.29.
NYSE MGM opened at $32.34 on Monday. The company has a market cap of $18.01 billion, a PE ratio of 33.00, a P/E/G ratio of 2.47 and a beta of 1.41. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.64 and a current ratio of 0.67. MGM Resorts International has a fifty-two week low of $29.53 and a fifty-two week high of $38.41.
MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, April 26th. The company reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.02). The company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.82 billion. MGM Resorts International had a net margin of 17.88% and a return on equity of 5.45%. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 EPS. equities analysts expect that MGM Resorts International will post 1.27 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 8th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.48%. The ex-dividend date is Thursday, June 7th. MGM Resorts International’s dividend payout ratio is currently 47.06%.
MGM Resorts International declared that its board has authorized a stock buyback plan on Thursday, May 10th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 10.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other news, insider Corey Ian Sanders sold 23,134 shares of the business’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $36.68, for a total transaction of $848,555.12. Following the transaction, the insider now owns 203,425 shares of the company’s stock, valued at approximately $7,461,629. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William Warwick Grounds bought 1,000 shares of the business’s stock in a transaction dated Wednesday, March 14th. The shares were bought at an average cost of $35.50 per share, for a total transaction of $35,500.00. The disclosure for this purchase can be found here. In the last three months, insiders have sold 146,486 shares of company stock worth $5,226,246. Corporate insiders own 0.43% of the company’s stock.
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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