State Board of Administration of Florida Retirement System lifted its position in shares of MGM Resorts International (NYSE:MGM) by 0.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 689,828 shares of the company’s stock after acquiring an additional 3,416 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.13% of MGM Resorts International worth $19,253,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. MUFG Americas Holdings Corp bought a new stake in shares of MGM Resorts International during the second quarter valued at approximately $102,000. Garner Asset Management Corp bought a new stake in shares of MGM Resorts International during the third quarter valued at approximately $151,000. Piedmont Investment Advisors LLC bought a new stake in shares of MGM Resorts International during the second quarter valued at approximately $170,000. Princeton Capital Management LLC bought a new stake in shares of MGM Resorts International during the second quarter valued at approximately $218,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of MGM Resorts International during the second quarter valued at approximately $221,000. 80.23% of the stock is owned by institutional investors.
Several equities research analysts recently weighed in on the stock. Bank of America reissued a “buy” rating and set a $30.00 price target on shares of MGM Resorts International in a research report on Tuesday, October 16th. Credit Suisse Group began coverage on shares of MGM Resorts International in a report on Tuesday, August 14th. They issued a “neutral” rating and a $31.00 target price on the stock. Zacks Investment Research upgraded shares of MGM Resorts International from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 8th. Barclays dropped their target price on shares of MGM Resorts International from $39.00 to $37.00 and set an “overweight” rating on the stock in a report on Monday, August 6th. Finally, Telsey Advisory Group dropped their target price on shares of MGM Resorts International from $34.00 to $31.00 and set a “market perform” rating on the stock in a report on Friday, August 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. MGM Resorts International currently has a consensus rating of “Buy” and an average price target of $36.36.
In other news, Director Alexis Herman sold 1,750 shares of MGM Resorts International stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $28.28, for a total transaction of $49,490.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Phyllis James sold 15,815 shares of MGM Resorts International stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $28.26, for a total transaction of $446,931.90. Following the transaction, the insider now owns 13,164 shares in the company, valued at approximately $372,014.64. The disclosure for this sale can be found here. Insiders have sold a total of 46,942 shares of company stock worth $1,355,112 in the last quarter. Corporate insiders own 12.20% of the company’s stock.
Shares of MGM stock opened at $25.54 on Friday. MGM Resorts International has a 12-month low of $23.81 and a 12-month high of $38.41. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.71 and a current ratio of 0.74. The company has a market capitalization of $15.02 billion, a P/E ratio of 33.25, a P/E/G ratio of 3.55 and a beta of 1.39.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Tuesday, October 30th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.06. The company had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $2.99 billion. MGM Resorts International had a net margin of 16.75% and a return on equity of 4.51%. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the company posted $0.34 earnings per share. As a group, equities analysts predict that MGM Resorts International will post 1.09 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Monday, December 10th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Friday, December 7th. MGM Resorts International’s dividend payout ratio is presently 47.06%.
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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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