Alambic Investment Management L.P. bought a new position in MGM Resorts International (NYSE:MGM) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm bought 13,352 shares of the company’s stock, valued at approximately $158,000.
Several other institutional investors also recently modified their holdings of the company. State Street Corp boosted its position in shares of MGM Resorts International by 0.5% during the 4th quarter. State Street Corp now owns 21,084,415 shares of the company’s stock valued at $701,478,000 after acquiring an additional 114,176 shares during the last quarter. Geode Capital Management LLC increased its position in MGM Resorts International by 7.6% during the fourth quarter. Geode Capital Management LLC now owns 9,304,118 shares of the company’s stock worth $309,007,000 after purchasing an additional 653,416 shares during the last quarter. Bank of New York Mellon Corp raised its stake in MGM Resorts International by 10.0% during the fourth quarter. Bank of New York Mellon Corp now owns 7,870,497 shares of the company’s stock worth $261,850,000 after purchasing an additional 718,276 shares during the period. Renaissance Technologies LLC boosted its holdings in MGM Resorts International by 23.2% in the 4th quarter. Renaissance Technologies LLC now owns 5,793,540 shares of the company’s stock valued at $192,751,000 after purchasing an additional 1,090,900 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of MGM Resorts International in the 4th quarter valued at approximately $160,950,000. Institutional investors and hedge funds own 84.38% of the company’s stock.
A number of research firms recently commented on MGM. Deutsche Bank reiterated a “hold” rating and issued a $13.00 price objective on shares of MGM Resorts International in a report on Friday, May 1st. ValuEngine upgraded MGM Resorts International from a “hold” rating to a “buy” rating in a report on Friday, May 1st. Susquehanna Bancshares raised MGM Resorts International from a “negative” rating to a “neutral” rating and cut their price objective for the stock from $27.00 to $10.00 in a research report on Wednesday, March 18th. Zacks Investment Research cut shares of MGM Resorts International from a “hold” rating to a “sell” rating and set a $14.00 target price on the stock. in a research report on Friday, May 15th. Finally, TheStreet upgraded shares of MGM Resorts International from a “c” rating to a “b+” rating in a research report on Wednesday, February 12th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. MGM Resorts International presently has a consensus rating of “Hold” and an average price target of $20.67.
In other MGM Resorts International news, CFO Corey Ian Sanders bought 16,720 shares of the company’s stock in a transaction that occurred on Monday, March 30th. The shares were purchased at an average price of $11.96 per share, with a total value of $199,971.20. Following the completion of the acquisition, the chief financial officer now directly owns 411,603 shares of the company’s stock, valued at approximately $4,922,771.88. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory M. Spierkel purchased 5,000 shares of the business’s stock in a transaction on Thursday, April 9th. The stock was acquired at an average price of $14.70 per share, for a total transaction of $73,500.00. Following the completion of the purchase, the director now owns 5,000 shares of the company’s stock, valued at $73,500. The disclosure for this purchase can be found here. Insiders purchased 834,832 shares of company stock valued at $10,178,535 in the last quarter. 5.06% of the stock is owned by insiders.
Shares of MGM Resorts International stock traded down $0.09 during trading hours on Friday, reaching $15.90. 20,467,974 shares of the company were exchanged, compared to its average volume of 27,302,486. The firm has a market cap of $7.89 billion, a PE ratio of 94.06 and a beta of 2.22. The company has a debt-to-equity ratio of 1.51, a quick ratio of 2.85 and a current ratio of 2.89. MGM Resorts International has a 1 year low of $5.90 and a 1 year high of $34.63. The stock’s fifty day moving average is $14.19 and its 200 day moving average is $24.96.
MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, April 30th. The company reported ($0.45) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.32) by ($0.13). The company had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.26 billion. MGM Resorts International had a return on equity of 0.81% and a net margin of 23.59%. The company’s revenue for the quarter was down 29.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.12 earnings per share. Research analysts expect that MGM Resorts International will post -3.12 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Wednesday, June 10th will be issued a $0.002 dividend. The ex-dividend date of this dividend is Tuesday, June 9th. This represents a $0.01 annualized dividend and a yield of 0.05%. MGM Resorts International’s dividend payout ratio (DPR) is 77.92%.
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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