Wellington Shields Capital Management LLC reduced its position in shares of MGM Resorts International (NYSE:MGM) by 22.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,321 shares of the company’s stock after selling 15,583 shares during the period. Wellington Shields Capital Management LLC’s holdings in MGM Resorts International were worth $1,738,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of MGM. Spirit of America Management Corp NY bought a new stake in shares of MGM Resorts International during the 3rd quarter worth $104,000. Pacad Investment Ltd. bought a new stake in shares of MGM Resorts International during the 2nd quarter worth $169,000. Toronto Dominion Bank lifted its holdings in shares of MGM Resorts International by 12.4% during the 2nd quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after acquiring an additional 624 shares during the last quarter. Colony Group LLC bought a new stake in shares of MGM Resorts International during the 2nd quarter worth $203,000. Finally, Cigna Investments Inc. New bought a new stake in MGM Resorts International in the second quarter worth $206,000. 76.63% of the stock is owned by institutional investors.
MGM has been the subject of several recent research reports. BidaskClub downgraded shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. Instinet restated a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 17th. Susquehanna Bancshares Inc reiterated a “neutral” rating and set a $33.00 price target (down previously from $38.00) on shares of MGM Resorts International in a research report on Tuesday, October 3rd. Barclays PLC reiterated an “overweight” rating on shares of MGM Resorts International in a research report on Monday, October 2nd. Finally, Stifel Nicolaus cut shares of MGM Resorts International from a “buy” rating to a “hold” rating and cut their price objective for the stock from $38.00 to $33.00 in a report on Wednesday, October 18th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $36.50.
MGM Resorts International (MGM) traded up $0.18 during mid-day trading on Tuesday, reaching $33.06. 6,162,400 shares of the company’s stock traded hands, compared to its average volume of 8,841,466. MGM Resorts International has a fifty-two week low of $25.15 and a fifty-two week high of $34.65. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $18,614.63, a price-to-earnings ratio of 29.10, a P/E/G ratio of 7.47 and a beta of 1.42.
MGM Resorts International announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, December 11th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, December 8th. This represents a $0.44 annualized dividend and a yield of 1.33%. MGM Resorts International’s dividend payout ratio (DPR) is currently 43.14%.
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In other news, insider Corey Ian Sanders sold 16,446 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The shares were 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 owns 198,058 shares in the company, valued at approximately $6,660,690.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert Baldwin sold 49,179 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $1,629,300.27. Following the completion of the sale, the insider now owns 145,105 shares of the company’s stock, valued at approximately $4,807,328.65. The disclosure for this sale can be found here. Insiders have sold 698,548 shares of company stock valued at $23,770,532 in the last quarter. 12.20% of the stock is owned by company insiders.
MGM Resorts International 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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