Wells Fargo & Company MN Sells 226,853 Shares of MGM Resorts International (MGM)

Wells Fargo & Company MN decreased its stake in shares of MGM Resorts International (NYSE:MGM) by 19.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 956,159 shares of the company’s stock after selling 226,853 shares during the quarter. Wells Fargo & Company MN owned about 0.17% of MGM Resorts International worth $29,917,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. World Asset Management Inc raised its stake in MGM Resorts International by 0.5% during the second quarter. World Asset Management Inc now owns 19,646 shares of the company’s stock valued at $615,000 after buying an additional 91 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in MGM Resorts International by 0.4% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 34,213 shares of the company’s stock valued at $937,000 after buying an additional 140 shares during the last quarter. Calamos Wealth Management LLC raised its stake in MGM Resorts International by 0.5% during the second quarter. Calamos Wealth Management LLC now owns 52,540 shares of the company’s stock valued at $1,644,000 after buying an additional 257 shares during the last quarter. Pacer Advisors Inc. raised its stake in MGM Resorts International by 3.4% during the first quarter. Pacer Advisors Inc. now owns 9,269 shares of the company’s stock valued at $254,000 after buying an additional 302 shares during the last quarter. Finally, Amalgamated Bank raised its stake in MGM Resorts International by 2.6% during the first quarter. Amalgamated Bank now owns 25,996 shares of the company’s stock valued at $712,000 after buying an additional 650 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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In related news, insider Robert Baldwin sold 49,179 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $33.13, for a total value of $1,629,300.27. Following the completion of the transaction, the insider now owns 145,105 shares in the company, valued at approximately $4,807,328.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Murren sold 57,269 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $31.54, for a total value of $1,806,264.26. Following the completion of the transaction, the chief executive officer now owns 969,111 shares of the company’s stock, valued at approximately $30,565,760.94. The disclosure for this sale can be found here. Insiders sold a total of 819,831 shares of company stock valued at $27,686,927 in the last 90 days. 12.20% of the stock is currently owned by company insiders.

Shares of MGM Resorts International (MGM) opened at 33.06 on Friday. MGM Resorts International has a one year low of $24.78 and a one year high of $34.65. The company has a market cap of $19.02 billion, a price-to-earnings ratio of 19.57 and a beta of 1.48. The company has a 50 day moving average price of $31.97 and a 200 day moving average price of $30.74.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the business posted $0.29 EPS. Equities analysts predict that MGM Resorts International will post $1.29 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Monday, September 11th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, September 8th. This represents a $0.44 dividend on an annualized basis and a yield of 1.33%. MGM Resorts International’s dividend payout ratio (DPR) is 26.04%.

MGM Resorts International declared that its Board of Directors has initiated a share buyback program on Tuesday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

MGM has been the subject of a number of recent research reports. Instinet reiterated a “buy” rating and set a $40.00 price objective (up previously from $35.00) on shares of MGM Resorts International in a research note on Monday, June 19th. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. Deutsche Bank AG reiterated a “buy” rating and set a $36.00 price objective (up previously from $34.00) on shares of MGM Resorts International in a research note on Sunday, July 30th. UBS AG reiterated a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 10th. Finally, Stifel Nicolaus reiterated a “buy” rating on shares of MGM Resorts International in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and eighteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $35.12.

About MGM Resorts International

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.

Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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