Ladenburg Thalmann Financial Services Inc. boosted its holdings in MGM Resorts International (NYSE:MGM) by 59.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,712 shares of the company’s stock after purchasing an additional 8,884 shares during the quarter. Ladenburg Thalmann Financial Services Inc.’s holdings in MGM Resorts International were worth $679,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in MGM. Corvex Management LP increased its stake in MGM Resorts International by 31.0% in the second quarter. Corvex Management LP now owns 20,563,696 shares of the company’s stock valued at $587,505,000 after purchasing an additional 4,870,924 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in MGM Resorts International by 7.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 56,685,971 shares of the company’s stock valued at $1,619,519,000 after purchasing an additional 3,806,520 shares during the last quarter. Renaissance Technologies LLC increased its stake in MGM Resorts International by 15,340.9% in the second quarter. Renaissance Technologies LLC now owns 2,516,870 shares of the company’s stock valued at $71,907,000 after purchasing an additional 2,500,570 shares during the last quarter. Nuveen Asset Management LLC increased its stake in MGM Resorts International by 137.6% in the second quarter. Nuveen Asset Management LLC now owns 3,236,169 shares of the company’s stock valued at $92,458,000 after purchasing an additional 1,874,296 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in MGM Resorts International by 333.7% in the first quarter. Marshall Wace LLP now owns 2,304,842 shares of the company’s stock valued at $59,142,000 after purchasing an additional 1,773,424 shares during the last quarter. Hedge funds and other institutional investors own 82.58% of the company’s stock.
In related news, Director Mary Christine Gay sold 5,200 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $29.20, for a total value of $151,840.00. Following the completion of the transaction, the director now owns 17,716 shares of the company’s stock, valued at $517,307.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Atif Rafiq purchased 8,761 shares of MGM Resorts International stock in a transaction that occurred on Thursday, August 22nd. The stock was acquired at an average cost of $28.55 per share, with a total value of $250,126.55. Following the acquisition, the insider now directly owns 8,761 shares of the company’s stock, valued at approximately $250,126.55. The disclosure for this purchase can be found here. Corporate insiders own 3.47% of the company’s stock.
A number of equities research analysts have issued reports on MGM shares. Deutsche Bank set a $34.00 price target on MGM Resorts International and gave the company a “hold” rating in a research report on Tuesday, September 17th. Bank of America downgraded MGM Resorts International from a “buy” rating to a “neutral” rating in a research report on Friday, August 2nd. Nomura boosted their price target on MGM Resorts International from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Citigroup started coverage on MGM Resorts International in a research report on Wednesday, July 24th. They set a $23.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price target on MGM Resorts International from $37.00 to $36.00 and set an “overweight” rating for the company in a research report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $31.09.
Shares of NYSE MGM opened at $28.08 on Friday. MGM Resorts International has a 1-year low of $21.61 and a 1-year high of $31.68. The business has a 50-day moving average of $28.09 and a 200-day moving average of $27.63. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.73 and a quick ratio of 0.69. The company has a market capitalization of $14.64 billion, a price-to-earnings ratio of 28.36, a PEG ratio of 3.35 and a beta of 1.48.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 12.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 EPS. Research analysts expect that MGM Resorts International will post 0.85 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 10th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend was Monday, September 9th. MGM Resorts International’s dividend payout ratio is currently 52.53%.
MGM Resorts International 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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