OppenheimerFunds Inc. lessened its holdings in shares of MGM Resorts International (NYSE:MGM) by 92.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,361 shares of the company’s stock after selling 576,982 shares during the quarter. OppenheimerFunds Inc.’s holdings in MGM Resorts International were worth $1,615,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Asset Management One Co. Ltd. boosted its position in MGM Resorts International by 5.1% during the third quarter. Asset Management One Co. Ltd. now owns 712,424 shares of the company’s stock worth $23,209,000 after purchasing an additional 34,625 shares during the period. Cadence Capital Management LLC bought a new position in MGM Resorts International during the third quarter worth about $351,000. Arrow Investment Advisors LLC bought a new position in MGM Resorts International during the third quarter worth about $479,000. Nordea Investment Management AB boosted its position in MGM Resorts International by 47.6% during the third quarter. Nordea Investment Management AB now owns 22,871 shares of the company’s stock worth $745,000 after purchasing an additional 7,378 shares during the period. Finally, AXA boosted its position in MGM Resorts International by 22.0% during the third quarter. AXA now owns 313,177 shares of the company’s stock worth $10,206,000 after purchasing an additional 56,566 shares during the period. Hedge funds and other institutional investors own 82.52% of the company’s stock.
A number of equities research analysts have recently issued reports on MGM shares. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $44.00 price target (up from $41.00) on shares of MGM Resorts International in a report on Tuesday, January 9th. Zacks Investment Research downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, February 23rd. Jefferies Group started coverage on shares of MGM Resorts International in a report on Thursday, January 18th. They issued a “buy” rating and a $43.00 price target on the stock. Bank of America increased their price target on shares of MGM Resorts International from $38.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Finally, Barclays increased their price target on shares of MGM Resorts International from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. MGM Resorts International has an average rating of “Buy” and an average price target of $37.94.
Shares of MGM Resorts International (NYSE:MGM) opened at $35.79 on Wednesday. The firm has a market cap of $20,825.33, a P/E ratio of 36.05, a P/E/G ratio of 1.75 and a beta of 1.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.77 and a quick ratio of 0.73. MGM Resorts International has a one year low of $25.21 and a one year high of $38.41.
MGM Resorts International (NYSE:MGM) last announced its earnings results on Tuesday, February 20th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.51 billion. MGM Resorts International had a net margin of 17.92% and a return on equity of 5.78%. MGM Resorts International’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the firm posted $0.11 earnings per share. equities analysts anticipate that MGM Resorts International will post 1.39 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Friday, March 9th will be paid a $0.12 dividend. This is an increase from MGM Resorts International’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Thursday, March 8th. MGM Resorts International’s dividend payout ratio (DPR) is currently 14.12%.
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MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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