Public Employees Retirement System of Ohio cut its position in MGM Resorts International (NYSE:MGM) by 2.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 174,341 shares of the company’s stock after selling 4,544 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in MGM Resorts International were worth $4,833,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in MGM. Robeco Institutional Asset Management B.V. grew its position in shares of MGM Resorts International by 94.3% during the second quarter. Robeco Institutional Asset Management B.V. now owns 25,671 shares of the company’s stock worth $734,000 after acquiring an additional 12,456 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in MGM Resorts International by 5.0% in the second quarter. Daiwa Securities Group Inc. now owns 25,101 shares of the company’s stock valued at $717,000 after purchasing an additional 1,200 shares during the period. Arizona State Retirement System increased its stake in MGM Resorts International by 2.9% in the second quarter. Arizona State Retirement System now owns 265,381 shares of the company’s stock valued at $7,582,000 after purchasing an additional 7,455 shares during the period. Strs Ohio raised its holdings in shares of MGM Resorts International by 21.8% in the second quarter. Strs Ohio now owns 71,358 shares of the company’s stock valued at $2,038,000 after buying an additional 12,781 shares during the last quarter. Finally, Appleton Partners Inc. MA boosted its stake in shares of MGM Resorts International by 30.5% during the second quarter. Appleton Partners Inc. MA now owns 25,396 shares of the company’s stock worth $726,000 after buying an additional 5,935 shares during the period. Hedge funds and other institutional investors own 81.65% of the company’s stock.
A number of research firms recently issued reports on MGM. Deutsche Bank set a $34.00 price target on MGM Resorts International and gave the stock a “hold” rating in a report on Tuesday, September 17th. TheStreet cut MGM Resorts International from a “b-” rating to a “c” rating in a research report on Wednesday, October 30th. Nomura increased their price objective on MGM Resorts International from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. JPMorgan Chase & Co. lowered their target price on MGM Resorts International from $37.00 to $36.00 and set an “overweight” rating on the stock in a research note on Friday, September 6th. Finally, Roth Capital reissued a “buy” rating on shares of MGM Resorts International in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $31.50.
In related news, Director Rose Mckinney-James sold 2,670 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $28.15, for a total value of $75,160.50. Following the sale, the director now directly owns 4,616 shares in the company, valued at $129,940.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Mary Christine Gay sold 5,200 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $29.20, for a total value of $151,840.00. Following the transaction, the director now directly owns 17,716 shares in the company, valued at approximately $517,307.20. The disclosure for this sale can be found here. 3.47% of the stock is owned by company insiders.
NYSE MGM opened at $31.62 on Wednesday. The stock has a market capitalization of $16.66 billion, a P/E ratio of 31.94, a P/E/G ratio of 5.26 and a beta of 1.52. MGM Resorts International has a 52-week low of $21.61 and a 52-week high of $32.24. The firm has a 50-day moving average price of $30.09 and a 200 day moving average price of $28.50. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 1.47.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.08) EPS for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.37). MGM Resorts International had a net margin of 0.11% and a return on equity of 4.10%. The firm had revenue of $3.31 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the previous year, the business earned $0.24 EPS. MGM Resorts International’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, equities research analysts expect that MGM Resorts International will post 0.9 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Tuesday, December 10th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Monday, December 9th. MGM Resorts International’s dividend payout ratio (DPR) is 52.53%.
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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