Asset Management One Co. Ltd. lifted its holdings in MGM Resorts International (NYSE:MGM) by 5.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 712,424 shares of the company’s stock after purchasing an additional 34,625 shares during the period. Asset Management One Co. Ltd. owned 0.13% of MGM Resorts International worth $23,209,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Spirit of America Management Corp NY acquired a new stake in MGM Resorts International during the third quarter worth about $104,000. Sun Life Financial INC acquired a new stake in MGM Resorts International during the third quarter worth about $124,000. Pacad Investment Ltd. acquired a new stake in MGM Resorts International during the second quarter worth about $169,000. Toronto Dominion Bank grew its position in MGM Resorts International by 12.4% during the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after buying an additional 624 shares in the last quarter. Finally, Colony Group LLC acquired a new stake in MGM Resorts International during the second quarter worth about $203,000. Institutional investors and hedge funds own 83.01% of the company’s stock.
A number of research firms have weighed in on MGM. Bank of America reaffirmed a “buy” rating and set a $40.00 price objective (up from $38.00) on shares of MGM Resorts International in a report on Friday, September 8th. Zacks Investment Research downgraded shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. Morgan Stanley set a $35.00 price objective on shares of MGM Resorts International and gave the stock a “buy” rating in a research note on Friday, October 6th. Instinet restated a “buy” rating and set a $40.00 price objective on shares of MGM Resorts International in a research note on Tuesday, October 3rd. Finally, Stifel Nicolaus reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Friday, September 1st. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. MGM Resorts International currently has a consensus rating of “Buy” and an average price target of $36.50.
In related news, Director William A. Bible sold 6,128 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $33.23, for a total transaction of $203,633.44. Following the sale, the director now owns 27,081 shares in the company, valued at approximately $899,901.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Mcmanus sold 10,000 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $33.35, for a total transaction of $333,500.00. Following the sale, the executive vice president now owns 54,337 shares in the company, valued at approximately $1,812,138.95. The disclosure for this sale can be found here. Insiders have sold a total of 96,877 shares of company stock worth $3,187,002 in the last quarter. 12.20% of the stock is currently owned by company insiders.
Shares of MGM Resorts International (MGM) traded down $0.42 during trading hours on Tuesday, hitting $32.92. 2,264,169 shares of the company’s stock were exchanged, compared to its average volume of 8,653,553. MGM Resorts International has a 1 year low of $25.15 and a 1 year high of $34.65. The firm has a market cap of $18,784.46, a price-to-earnings ratio of 29.36, a PEG ratio of 7.54 and a beta of 1.44. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.98 and a current ratio of 1.02.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors 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 dividend yield of 1.34%. MGM Resorts International’s dividend payout ratio is 43.14%.
MGM Resorts International declared that its board has initiated a stock buyback plan on Tuesday, September 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
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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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