PNC Financial Services Group Inc. lifted its position in MGM Resorts International (NYSE:MGM) by 33.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 50,043 shares of the company’s stock after buying an additional 12,518 shares during the period. PNC Financial Services Group Inc.’s holdings in MGM Resorts International were worth $840,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of MGM. Allworth Financial LP raised its stake in shares of MGM Resorts International by 231.8% in the 2nd quarter. Allworth Financial LP now owns 1,659 shares of the company’s stock worth $28,000 after buying an additional 1,159 shares in the last quarter. NuWave Investment Management LLC bought a new stake in shares of MGM Resorts International in the 2nd quarter worth $29,000. Ameritas Investment Company LLC bought a new stake in shares of MGM Resorts International in the 1st quarter worth $30,000. WASHINGTON TRUST Co raised its stake in shares of MGM Resorts International by 203.3% in the 2nd quarter. WASHINGTON TRUST Co now owns 1,820 shares of the company’s stock worth $30,000 after buying an additional 1,220 shares in the last quarter. Finally, Modus Advisors LLC bought a new stake in shares of MGM Resorts International in the 2nd quarter worth $34,000. 66.23% of the stock is currently owned by institutional investors.
A number of equities research analysts have recently issued reports on MGM shares. Morgan Stanley boosted their target price on MGM Resorts International from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Friday, August 28th. Goldman Sachs Group lowered MGM Resorts International from a “neutral” rating to a “sell” rating and boosted their target price for the stock from $17.00 to $20.00 in a research report on Monday, September 14th. Zacks Investment Research lowered MGM Resorts International from a “hold” rating to a “strong sell” rating and set a $14.00 target price on the stock. in a research report on Tuesday, July 21st. Roth Capital lowered MGM Resorts International from a “buy” rating to a “neutral” rating and cut their target price for the stock from $21.00 to $19.00 in a research report on Wednesday, September 16th. Finally, Bank of America reaffirmed a “sell” rating and set a $15.00 target price on shares of MGM Resorts International in a research report on Friday, August 7th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $19.81.
In other news, EVP John Mcmanus sold 30,000 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $21.23, for a total transaction of $636,900.00. Following the completion of the sale, the executive vice president now owns 102,567 shares in the company, valued at approximately $2,177,497.41. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel J. Taylor sold 1,637 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $21.76, for a total value of $35,621.12. The disclosure for this sale can be found here. Insiders sold 51,637 shares of company stock worth $1,129,321 in the last 90 days. Corporate insiders own 5.06% of the company’s stock.
Shares of NYSE MGM opened at $22.10 on Friday. The business’s 50-day moving average price is $22.04 and its two-hundred day moving average price is $17.26. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.47 and a quick ratio of 2.43. MGM Resorts International has a one year low of $5.90 and a one year high of $34.63. The company has a market capitalization of $10.90 billion, a P/E ratio of 5.82 and a beta of 2.39.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, July 30th. The company reported ($1.52) EPS for the quarter, beating analysts’ consensus estimates of ($1.65) by $0.13. MGM Resorts International had a negative return on equity of 6.64% and a net margin of 21.28%. The firm had revenue of $289.81 million for the quarter, compared to the consensus estimate of $442.57 million. On average, equities analysts anticipate that MGM Resorts International will post -4.15 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Thursday, September 10th were paid a $0.0025 dividend. The ex-dividend date was Wednesday, September 9th. This represents a $0.01 dividend on an annualized basis and a yield of 0.05%. This is an increase from MGM Resorts International’s previous quarterly dividend of $0.00. MGM Resorts International’s payout ratio is 1.30%.
About MGM Resorts International
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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