First Mercantile Trust Co. lowered its position in shares of MGM Resorts International (NYSE:MGM) by 4.4% during the second quarter, Holdings Channel reports. The fund owned 9,574 shares of the company’s stock after selling 439 shares during the period. First Mercantile Trust Co.’s holdings in MGM Resorts International were worth $300,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Emerald Mutual Fund Advisers Trust boosted its position in shares of MGM Resorts International by 17.9% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 9,168 shares of the company’s stock worth $251,000 after buying an additional 1,393 shares during the last quarter. Old Mutual Global Investors UK Ltd. purchased a new position in shares of MGM Resorts International during the first quarter worth approximately $367,000. IFP Advisors Inc boosted its position in shares of MGM Resorts International by 0.7% in the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock worth $125,000 after buying an additional 31 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of MGM Resorts International by 84.4% in the first quarter. Russell Investments Group Ltd. now owns 1,074,652 shares of the company’s stock worth $29,444,000 after buying an additional 492,009 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its position in shares of MGM Resorts International by 16.7% in the first quarter. State of New Jersey Common Pension Fund D now owns 700,000 shares of the company’s stock worth $19,180,000 after buying an additional 100,000 shares during the last quarter. 74.10% of the stock is owned by institutional investors and hedge funds.
MGM Resorts International (NYSE MGM) opened at 30.71 on Friday. The stock has a market capitalization of $17.66 billion, a price-to-earnings ratio of 18.18 and a beta of 1.48. The company has a 50-day moving average price of $31.93 and a 200 day moving average price of $30.00. MGM Resorts International has a 12 month low of $23.38 and a 12 month high of $34.53.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.29 EPS. Equities analysts predict that MGM Resorts International will post $1.24 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Monday, September 11th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.43%. MGM Resorts International’s payout ratio is 26.04%.
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A number of brokerages have commented on MGM. BidaskClub raised MGM Resorts International from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 25th. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Telsey Advisory Group increased their target price on MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Friday, July 28th. Deutsche Bank AG reissued a “buy” rating and set a $36.00 target price (up previously from $34.00) on shares of MGM Resorts International in a report on Sunday, July 30th. Finally, UBS AG cut MGM Resorts International from a “buy” rating to a “neutral” rating and increased their target price for the company from $33.00 to $36.00 in a report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eighteen have issued a buy rating to the company. MGM Resorts International has a consensus rating of “Buy” and a consensus target price of $34.81.
In other news, Director Mary Christine Gay sold 3,000 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $31.88, for a total transaction of $95,640.00. Following the completion of the sale, the director now directly owns 11,208 shares in the company, valued at approximately $357,311.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James Murren sold 57,269 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $33.05, for a total value of $1,892,740.45. Following the sale, the chief executive officer now owns 1,231,611 shares of the company’s stock, valued at $40,704,743.55. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 131,329 shares of company stock valued at $4,233,446. Insiders own 12.20% of the company’s stock.
MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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