Epoch Investment Partners Inc. raised its holdings in shares of MGM Resorts International (NYSE:MGM) by 68.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,213,053 shares of the company’s stock after purchasing an additional 1,302,749 shares during the period. Epoch Investment Partners Inc. owned 0.61% of MGM Resorts International worth $89,676,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in MGM. Cornerstone Wealth Management LLC acquired a new position in shares of MGM Resorts International during the second quarter valued at $250,000. Piedmont Investment Advisors LLC acquired a new position in shares of MGM Resorts International during the second quarter valued at $170,000. Massachusetts Financial Services Co. MA increased its holdings in shares of MGM Resorts International by 3.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,184,338 shares of the company’s stock valued at $34,381,000 after purchasing an additional 38,400 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in shares of MGM Resorts International by 13.5% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 53,964 shares of the company’s stock valued at $1,567,000 after purchasing an additional 6,435 shares during the period. Finally, Commonwealth Equity Services LLC increased its holdings in shares of MGM Resorts International by 5.5% during the second quarter. Commonwealth Equity Services LLC now owns 48,888 shares of the company’s stock valued at $1,419,000 after purchasing an additional 2,559 shares during the period. 80.85% of the stock is owned by institutional investors and hedge funds.
Shares of MGM stock opened at $27.00 on Thursday. MGM Resorts International has a fifty-two week low of $23.81 and a fifty-two week high of $38.41. The stock has a market cap of $14.23 billion, a P/E ratio of 26.47, a PEG ratio of 4.42 and a beta of 1.40. The company has a quick ratio of 0.71, a current ratio of 0.74 and a debt-to-equity ratio of 1.36.
MGM Resorts International (NYSE:MGM) last announced its earnings results on Tuesday, October 30th. The company reported $0.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.06. MGM Resorts International had a return on equity of 4.51% and a net margin of 16.75%. The business had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter last year, the business posted $0.34 earnings per share. The company’s quarterly revenue was up 7.0% on a year-over-year basis. As a group, sell-side analysts predict that MGM Resorts International will post 1.08 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Monday, December 10th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, December 7th. This represents a $0.48 annualized dividend and a yield of 1.78%. MGM Resorts International’s dividend payout ratio is currently 47.06%.
In related news, insider Phyllis James sold 15,815 shares of the firm’s stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $28.26, for a total transaction of $446,931.90. Following the completion of the transaction, the insider now owns 13,164 shares of the company’s stock, valued at $372,014.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 12.20% of the company’s stock.
MGM has been the topic of a number of research analyst reports. Bank of America reissued a “buy” rating and set a $30.00 price target on shares of MGM Resorts International in a report on Tuesday, October 16th. Credit Suisse Group began coverage on MGM Resorts International in a report on Tuesday, August 14th. They set a “neutral” rating and a $31.00 price target on the stock. Zacks Investment Research raised MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 8th. Sanford C. Bernstein began coverage on MGM Resorts International in a research note on Thursday, November 15th. They set a “market perform” rating for the company. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Monday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $36.36.
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About MGM Resorts International
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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