Wellington Management Group LLP reduced its position in MGM Resorts International (NYSE:MGM) by 72.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,845 shares of the company’s stock after selling 42,302 shares during the quarter. Wellington Management Group LLP’s holdings in MGM Resorts International were worth $188,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Verus Capital Partners LLC bought a new stake in shares of MGM Resorts International in the fourth quarter valued at about $41,000. Bessemer Group Inc. raised its holdings in shares of MGM Resorts International by 78.7% in the first quarter. Bessemer Group Inc. now owns 2,357 shares of the company’s stock valued at $28,000 after acquiring an additional 1,038 shares in the last quarter. Ellevest Inc. raised its holdings in shares of MGM Resorts International by 74.8% in the first quarter. Ellevest Inc. now owns 2,502 shares of the company’s stock valued at $30,000 after acquiring an additional 1,071 shares in the last quarter. Atlas Capital Advisors LLC bought a new stake in shares of MGM Resorts International in the first quarter valued at about $31,000. Finally, AlphaCore Capital LLC bought a new position in MGM Resorts International in the first quarter worth about $37,000. Hedge funds and other institutional investors own 74.92% of the company’s stock.
A number of equities analysts have commented on MGM shares. Credit Suisse Group started coverage on shares of MGM Resorts International in a report on Thursday, May 21st. They issued a “neutral” rating and a $15.00 target price for the company. Deutsche Bank reiterated a “hold” rating and issued a $13.00 target price on shares of MGM Resorts International in a report on Friday, May 1st. JPMorgan Chase & Co. downgraded shares of MGM Resorts International from an “overweight” rating to a “neutral” rating and set a $18.00 target price for the company. in a report on Friday, May 1st. ValuEngine upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating in a report on Friday, May 1st. Finally, Wolfe Research downgraded shares of MGM Resorts International from an “outperform” rating to a “peer perform” rating in a report on Wednesday, June 10th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $20.33.
Shares of NYSE MGM opened at $16.80 on Wednesday. The business’s 50 day moving average price is $17.54 and its 200 day moving average price is $22.43. The firm has a market cap of $8.07 billion, a P/E ratio of 3.03 and a beta of 2.20. MGM Resorts International has a 52 week low of $5.90 and a 52 week high of $34.63. The company has a quick ratio of 2.85, a current ratio of 2.89 and a debt-to-equity ratio of 1.51.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, April 30th. The company reported ($0.45) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.32) by ($0.13). The firm had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.26 billion. MGM Resorts International had a net margin of 23.59% and a return on equity of 0.81%. MGM Resorts International’s quarterly revenue was down 29.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 EPS. As a group, research analysts expect that MGM Resorts International will post -3.37 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Wednesday, June 10th were given a $0.002 dividend. The ex-dividend date was Tuesday, June 9th. This represents a $0.01 dividend on an annualized basis and a yield of 0.05%. MGM Resorts International’s dividend payout ratio is currently 1.30%.
In other news, insider Atif Rafiq acquired 9,812 shares of the company’s stock in a transaction dated Thursday, April 9th. The shares were acquired at an average price of $15.35 per share, with a total value of $150,614.20. Following the purchase, the insider now directly owns 18,573 shares of the company’s stock, valued at $285,095.55. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul J. Salem bought 195,000 shares of the business’s stock in a transaction dated Friday, April 3rd. The shares were purchased at an average cost of $13.63 per share, with a total value of $2,657,850.00. Following the completion of the acquisition, the director now owns 1,517,000 shares in the company, valued at $20,676,710. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 209,812 shares of company stock worth $2,881,964. 5.06% of the stock is owned by insiders.
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.
Recommended Story: Why do companies issue convertible shares?
Want to see what other hedge funds are holding MGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGM Resorts International (NYSE:MGM).
Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.