Managed Asset Portfolios LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 152,356 shares of the company’s stock, valued at approximately $4,223,000. MGM Resorts International comprises 0.9% of Managed Asset Portfolios LLC’s investment portfolio, making the stock its 22nd biggest holding.
A number of other institutional investors have also recently added to or reduced their stakes in MGM. Patriot Financial Group Insurance Agency LLC raised its holdings in MGM Resorts International by 3,000.0% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 930 shares of the company’s stock worth $27,000 after purchasing an additional 900 shares during the last quarter. Trust Co. of Vermont bought a new position in MGM Resorts International during the 2nd quarter worth approximately $43,000. Valeo Financial Advisors LLC raised its holdings in MGM Resorts International by 407.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,523 shares of the company’s stock worth $44,000 after purchasing an additional 1,223 shares during the last quarter. Stephens Inc. AR raised its holdings in MGM Resorts International by 33.6% during the 3rd quarter. Stephens Inc. AR now owns 2,193 shares of the company’s stock worth $61,000 after purchasing an additional 552 shares during the last quarter. Finally, Resources Investment Advisors LLC. raised its holdings in MGM Resorts International by 256.4% during the 2nd quarter. Resources Investment Advisors LLC. now owns 2,780 shares of the company’s stock worth $79,000 after purchasing an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 82.35% of the company’s stock.
In related news, Director Rose Mckinney-James sold 2,670 shares of MGM Resorts International stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $28.15, for a total value of $75,160.50. Following the completion of the sale, the director now owns 4,616 shares of the company’s stock, valued at approximately $129,940.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through 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 transaction, the insider now owns 8,761 shares in the company, valued at approximately $250,126.55. The disclosure for this purchase can be found here. Company insiders own 3.47% of the company’s stock.
Shares of NYSE:MGM traded up $0.59 during mid-day trading on Friday, hitting $31.41. The company had a trading volume of 5,246,568 shares, compared to its average volume of 6,392,201. The firm has a fifty day moving average price of $28.14 and a 200 day moving average price of $27.86. The company has a market capitalization of $15.85 billion, a PE ratio of 31.73, a price-to-earnings-growth ratio of 4.36 and a beta of 1.48. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.84. MGM Resorts International has a one year low of $21.61 and a one year high of $31.68.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.37). The company had revenue of $3.31 billion during the quarter, compared to the consensus estimate of $3.33 billion. MGM Resorts International had a net margin of 0.11% and a return on equity of 4.10%. The business’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.24 EPS. Research analysts expect that MGM Resorts International will post 0.85 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Tuesday, December 10th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.66%. The ex-dividend date is Monday, December 9th. MGM Resorts International’s payout ratio is currently 52.53%.
MGM has been the subject of several analyst reports. ValuEngine lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Thursday, August 15th. Citigroup started coverage on shares of MGM Resorts International in a research note on Wednesday, July 24th. They issued a $23.00 price objective for the company. UBS Group lifted their price objective on shares of MGM Resorts International from $30.00 to $31.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Morgan Stanley lowered their price objective on shares of MGM Resorts International from $32.00 to $31.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 17th. Finally, TheStreet lowered shares of MGM Resorts International from a “b-” rating to a “c” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. MGM Resorts International currently has a consensus rating of “Hold” and an average price target of $31.20.
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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