Cadence Capital Management LLC purchased a new stake in shares of MGM Resorts International (NYSE:MGM) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,758 shares of the company’s stock, valued at approximately $351,000.
Other institutional investors have also recently made changes to their positions in the company. Schroder Investment Management Group raised its position in MGM Resorts International by 64.5% during the third quarter. Schroder Investment Management Group now owns 2,650,596 shares of the company’s stock valued at $85,720,000 after purchasing an additional 1,039,652 shares during the period. Concourse Capital Management LLC raised its position in MGM Resorts International by 0.7% during the third quarter. Concourse Capital Management LLC now owns 294,434 shares of the company’s stock valued at $9,596,000 after purchasing an additional 2,018 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in MGM Resorts International during the third quarter valued at approximately $1,372,000. Legal & General Group Plc raised its position in MGM Resorts International by 8.4% during the third quarter. Legal & General Group Plc now owns 2,201,687 shares of the company’s stock valued at $71,752,000 after purchasing an additional 170,115 shares during the period. Finally, Hosking Partners LLP raised its position in MGM Resorts International by 0.5% during the third quarter. Hosking Partners LLP now owns 2,088,692 shares of the company’s stock valued at $68,070,000 after purchasing an additional 9,711 shares during the period. 83.01% of the stock is owned by institutional investors.
MGM Resorts International (NYSE:MGM) traded down $0.84 on Thursday, reaching $33.10. The company’s stock had a trading volume of 9,236,800 shares, compared to its average volume of 8,657,688. The stock has a market cap of $19,214.73, a P/E ratio of 30.03, a P/E/G ratio of 7.71 and a beta of 1.44. MGM Resorts International has a one year low of $25.15 and a one year high of $34.65. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.02 and a quick ratio of 0.98.
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 given a dividend of $0.11 per share. The ex-dividend date 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 presently 43.14%.
MGM Resorts International announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
A number of equities research analysts have issued reports on MGM shares. Stifel Nicolaus restated a “buy” rating on shares of MGM Resorts International in a research report on Friday, September 1st. Bank of America restated a “buy” rating and set a $40.00 price objective (up from $38.00) on shares of MGM Resorts International in a research report on Friday, September 8th. Deutsche Bank downgraded MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price objective on the stock. in a research report on Monday, September 11th. Barclays reiterated an “overweight” rating on shares of MGM Resorts International in a report on Monday, October 2nd. Finally, UBS downgraded MGM Resorts International from a “positive” rating to a “neutral” rating in a report on Tuesday, October 3rd. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $36.50.
In other MGM Resorts International news, EVP John Mcmanus sold 5,273 shares of the stock in a transaction on Friday, September 8th. The stock was sold at an average price of $33.70, for a total transaction of $177,700.10. Following the sale, the executive vice president now owns 40,744 shares of the company’s stock, valued at approximately $1,373,072.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Murren sold 294,150 shares of the stock in a transaction on Friday, September 8th. The shares were sold at an average price of $34.08, for a total value of $10,024,632.00. Following the sale, the chief executive officer now directly owns 71,442 shares in the company, valued at approximately $2,434,743.36. The disclosure for this sale can be found here. Insiders have sold a total of 445,479 shares of company stock worth $15,018,634 in the last ninety days. Insiders own 12.20% of the company’s stock.
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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