Stephens Investment Management Group LLC Acquires 14,000 Shares of MGM Resorts International (NYSE:MGM)

Stephens Investment Management Group LLC lifted its holdings in MGM Resorts International (NYSE:MGM) by 11.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 137,832 shares of the company’s stock after acquiring an additional 14,000 shares during the period. Stephens Investment Management Group LLC’s holdings in MGM Resorts International were worth $3,938,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MGM. Geode Capital Management LLC boosted its position in MGM Resorts International by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 6,387,824 shares of the company’s stock worth $154,688,000 after purchasing an additional 366,980 shares during the period. Louisiana State Employees Retirement System boosted its position in MGM Resorts International by 2.3% during the first quarter. Louisiana State Employees Retirement System now owns 26,900 shares of the company’s stock worth $690,000 after purchasing an additional 600 shares during the period. Retirement Systems of Alabama boosted its position in MGM Resorts International by 0.8% during the first quarter. Retirement Systems of Alabama now owns 237,509 shares of the company’s stock worth $6,094,000 after purchasing an additional 1,852 shares during the period. Sciencast Management LP bought a new position in MGM Resorts International during the first quarter worth $266,000. Finally, Meeder Asset Management Inc. boosted its position in MGM Resorts International by 1,334.2% during the first quarter. Meeder Asset Management Inc. now owns 7,171 shares of the company’s stock worth $184,000 after purchasing an additional 6,671 shares during the period. 79.20% of the stock is owned by hedge funds and other institutional investors.

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 $31.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Argus lifted their price objective on shares of MGM Resorts International to $35.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Nomura boosted their target price on shares of MGM Resorts International from $36.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Deutsche Bank set a $32.00 target price on shares of MGM Resorts International and gave the company a “hold” rating in a research report on Friday, July 26th. Finally, Citigroup started coverage on shares of MGM Resorts International in a research report on Wednesday, July 24th. They issued a $23.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $31.00.

In related news, Director Keith A. Meister purchased 209,136 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was acquired at an average price of $27.99 per share, with a total value of $5,853,716.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Keith A. Meister purchased 81,249 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was bought at an average cost of $27.99 per share, with a total value of $2,274,159.51. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 5,317,360 shares of company stock valued at $140,880,100. 3.47% of the stock is owned by insiders.

Shares of MGM Resorts International stock traded up $0.38 during trading on Friday, reaching $28.31. The company’s stock had a trading volume of 4,182,700 shares, compared to its average volume of 5,713,850. The business’s 50-day moving average price is $29.01 and its 200-day moving average price is $27.49. The firm has a market cap of $14.46 billion, a PE ratio of 28.60, a P/E/G ratio of 4.12 and a beta of 1.42. MGM Resorts International has a 52 week low of $21.61 and a 52 week high of $31.68. The company has a quick ratio of 0.69, a current ratio of 0.73 and a debt-to-equity ratio of 1.39.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, July 25th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.02). The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. MGM Resorts International had a net margin of 1.56% and a return on equity of 3.77%. The company’s revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.26 EPS. Equities analysts predict that MGM Resorts International will post 0.84 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 10th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Monday, September 9th. MGM Resorts International’s dividend payout ratio (DPR) is presently 52.53%.

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 Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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