MGM Resorts International (MGM) Shares Bought by New York State Common Retirement Fund

New York State Common Retirement Fund lifted its holdings in shares of MGM Resorts International (NYSE:MGM) by 28.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,436,079 shares of the company’s stock after acquiring an additional 320,394 shares during the period. New York State Common Retirement Fund owned approximately 0.25% of MGM Resorts International worth $44,935,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. World Asset Management Inc grew its stake in shares of MGM Resorts International by 0.5% during the second quarter. World Asset Management Inc now owns 19,646 shares of the company’s stock worth $615,000 after acquiring an additional 91 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of 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 worth $937,000 after acquiring an additional 140 shares during the last quarter. Calamos Wealth Management LLC grew its stake in shares of MGM Resorts International by 0.5% during the second quarter. Calamos Wealth Management LLC now owns 52,540 shares of the company’s stock worth $1,644,000 after acquiring an additional 257 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of MGM Resorts International by 3.4% during the first quarter. Pacer Advisors Inc. now owns 9,269 shares of the company’s stock worth $254,000 after acquiring an additional 302 shares during the last quarter. Finally, Amalgamated Bank grew its stake in shares of MGM Resorts International by 2.6% during the first quarter. Amalgamated Bank now owns 25,996 shares of the company’s stock worth $712,000 after acquiring an additional 650 shares during the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

In related news, CEO James Murren sold 57,269 shares of MGM Resorts International stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 969,111 shares in the company, valued at $30,565,760.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Mary Christine Gay sold 3,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $31.88, for a total value of $95,640.00. Following the completion of the sale, the director now owns 11,208 shares in the company, valued at $357,311.04. The disclosure for this sale can be found here. Insiders sold a total of 819,831 shares of company stock worth $27,686,927 over the last quarter. Company insiders own 12.20% of the company’s stock.

A number of equities research analysts recently commented on the company. BidaskClub lowered MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 1st. UBS AG reiterated a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 10th. Stifel Nicolaus reiterated a “buy” rating on shares of MGM Resorts International in a research report on Friday, September 1st. Instinet reiterated a “buy” rating and issued a $40.00 target price on shares of MGM Resorts International in a research report on Monday, July 3rd. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $34.00 target price on shares of MGM Resorts International in a research report on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eighteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $35.12.

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MGM Resorts International (NYSE MGM) opened at 32.38 on Friday. MGM Resorts International has a 52 week low of $24.78 and a 52 week high of $34.65. The firm has a market capitalization of $18.62 billion, a P/E ratio of 19.17 and a beta of 1.48. The stock’s 50 day moving average price is $31.97 and its 200 day moving average price is $30.74.

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

MGM Resorts International announced that its board has authorized a share buyback plan on Tuesday, September 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders 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 annualized dividend and a dividend yield of 1.36%. MGM Resorts International’s dividend payout ratio (DPR) is currently 26.04%.

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

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