World Asset Management Inc raised its stake in MGM Resorts International (NYSE:MGM) by 131.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,421 shares of the company’s stock after acquiring an additional 25,775 shares during the quarter. World Asset Management Inc owned approximately 7,896.70% of MGM Resorts International worth $1,480,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Assenagon Asset Management S.A. acquired a new position in MGM Resorts International in the third quarter valued at approximately $87,164,000. Advisor Group Inc. lifted its holdings in MGM Resorts International by 35.3% in the second quarter. Advisor Group Inc. now owns 24,967 shares of the company’s stock valued at $780,000 after acquiring an additional 6,509 shares during the period. Neuberger Berman Group LLC lifted its holdings in MGM Resorts International by 63.2% in the second quarter. Neuberger Berman Group LLC now owns 1,189,143 shares of the company’s stock valued at $37,208,000 after acquiring an additional 460,431 shares during the period. Janus Henderson Group PLC lifted its holdings in MGM Resorts International by 1,978.3% in the second quarter. Janus Henderson Group PLC now owns 1,106,856 shares of the company’s stock valued at $34,634,000 after acquiring an additional 1,053,597 shares during the period. Finally, Covey Capital Advisors LLC acquired a new position in MGM Resorts International in the second quarter valued at approximately $1,009,000. 76.20% of the stock is owned by institutional investors.
In other MGM Resorts International news, insider Corey Ian Sanders sold 16,446 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $33.63, for a total value of $553,078.98. Following the completion of the sale, the insider now directly owns 198,058 shares in the company, valued at approximately $6,660,690.54. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Rose Mckinney-James sold 3,097 shares of the company’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $33.83, for a total value of $104,771.51. Following the completion of the sale, the director now owns 10,724 shares of the company’s stock, valued at $362,792.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 698,548 shares of company stock valued at $23,770,532. 12.20% of the stock is owned by company insiders.
MGM Resorts International (NYSE MGM) traded up $0.17 during midday trading on Friday, reaching $32.92. The company had a trading volume of 463,546 shares, compared to its average volume of 8,828,735. The company has a current ratio of 0.93, a quick ratio of 0.89 and a debt-to-equity ratio of 1.24. The firm has a market cap of $19,015.86, a P/E ratio of 29.26 and a beta of 1.42. MGM Resorts International has a 1 year low of $25.15 and a 1 year high of $34.65.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, December 11th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.34%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s payout ratio is currently 43.14%.
MGM Resorts International announced that its Board of Directors has initiated a stock buyback plan on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.
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A number of research analysts have issued reports on the company. Zacks Investment Research raised MGM Resorts International from a “sell” rating to a “hold” rating in a report on Friday. J P Morgan Chase & Co upped their target price on MGM Resorts International from $39.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Stifel Nicolaus reaffirmed a “hold” rating and set a $36.00 target price (up from $33.00) on shares of MGM Resorts International in a research note on Thursday. UBS AG downgraded MGM Resorts International from a “buy” rating to a “neutral” rating and upped their target price for the stock from $33.00 to $36.00 in a research note on Tuesday, August 1st. Finally, Barclays PLC reaffirmed an “overweight” rating on shares of MGM Resorts International in a research note on Monday, October 2nd. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $36.33.
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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