B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 55.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,724 shares of the company’s stock after selling 22,276 shares during the quarter. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund’s holdings in MGM Resorts International were worth $515,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Suntrust Banks Inc. lifted its position in shares of MGM Resorts International by 12.3% during the 1st quarter. Suntrust Banks Inc. now owns 15,689 shares of the company’s stock valued at $548,000 after buying an additional 1,723 shares during the last quarter. Fagan Associates Inc. lifted its holdings in MGM Resorts International by 4.3% during the 2nd quarter. Fagan Associates Inc. now owns 44,320 shares of the company’s stock worth $1,287,000 after purchasing an additional 1,840 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in MGM Resorts International by 7.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 27,984 shares of the company’s stock worth $1,049,000 after purchasing an additional 2,018 shares in the last quarter. Elk Creek Partners LLC lifted its holdings in MGM Resorts International by 17.1% during the 1st quarter. Elk Creek Partners LLC now owns 15,568 shares of the company’s stock worth $545,000 after purchasing an additional 2,274 shares in the last quarter. Finally, Redpoint Investment Management Pty Ltd lifted its holdings in MGM Resorts International by 26.3% during the 2nd quarter. Redpoint Investment Management Pty Ltd now owns 11,087 shares of the company’s stock worth $322,000 after purchasing an additional 2,308 shares in the last quarter. Institutional investors and hedge funds own 79.79% of the company’s stock.
NYSE MGM traded up $0.23 during trading on Monday, reaching $26.47. The company’s stock had a trading volume of 7,526,300 shares, compared to its average volume of 9,042,247. The firm has a market capitalization of $15.01 billion, a P/E ratio of 25.37, a P/E/G ratio of 3.59 and a beta of 1.40. The company has a quick ratio of 0.64, a current ratio of 0.68 and a debt-to-equity ratio of 1.25. MGM Resorts International has a one year low of $25.85 and a one year high of $38.41.
MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, August 2nd. The company reported $0.26 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.26. The business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.97 billion. MGM Resorts International had a return on equity of 5.07% and a net margin of 17.11%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.28 EPS. As a group, research analysts anticipate that MGM Resorts International will post 1.16 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Monday, September 10th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, September 7th. This represents a $0.48 annualized dividend and a dividend yield of 1.81%. MGM Resorts International’s dividend payout ratio (DPR) is presently 47.06%.
In other news, CFO Daniel D’arrigo sold 29,377 shares of the stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $29.23, for a total transaction of $858,689.71. Following the transaction, the chief financial officer now directly owns 260,676 shares in the company, valued at approximately $7,619,559.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexis Herman sold 3,500 shares of the stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $28.85, for a total value of $100,975.00. The disclosure for this sale can be found here. Insiders have sold a total of 34,627 shares of company stock worth $1,009,155 over the last quarter. Corporate insiders own 0.43% of the company’s stock.
A number of brokerages recently issued reports on MGM. Morgan Stanley dropped their price objective on MGM Resorts International from $39.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, July 20th. Jefferies Financial Group reissued a “buy” rating on shares of MGM Resorts International in a report on Wednesday, August 1st. Goldman Sachs Group cut MGM Resorts International from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a report on Monday, June 25th. Zacks Investment Research raised MGM Resorts International from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 8th. Finally, Credit Suisse Group started coverage on MGM Resorts International in a report on Tuesday, August 14th. They set a “neutral” rating and a $31.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $37.25.
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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