Amundi Pioneer Asset Management Inc. boosted its stake in shares of MGM Resorts International (NYSE:MGM) by 14.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 789,138 shares of the company’s stock after purchasing an additional 102,076 shares during the quarter. Amundi Pioneer Asset Management Inc. owned about 0.14% of MGM Resorts International worth $26,349,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in MGM. BlackRock Inc. boosted its position in MGM Resorts International by 19.9% during the fourth quarter. BlackRock Inc. now owns 35,609,163 shares of the company’s stock worth $1,188,991,000 after purchasing an additional 5,897,782 shares during the period. Maverick Capital Ltd. boosted its position in shares of MGM Resorts International by 26.4% in the fourth quarter. Maverick Capital Ltd. now owns 8,867,800 shares of the company’s stock valued at $296,096,000 after acquiring an additional 1,852,880 shares during the period. Bank of New York Mellon Corp boosted its position in shares of MGM Resorts International by 70.3% in the third quarter. Bank of New York Mellon Corp now owns 3,199,526 shares of the company’s stock valued at $104,272,000 after acquiring an additional 1,320,446 shares during the period. Carillon Tower Advisers Inc. bought a new stake in shares of MGM Resorts International in the fourth quarter valued at approximately $37,539,000. Finally, Schroder Investment Management Group boosted its position in shares of MGM Resorts International by 64.5% in the third quarter. Schroder Investment Management Group now owns 2,650,596 shares of the company’s stock valued at $85,720,000 after acquiring an additional 1,039,652 shares during the period. 82.50% of the stock is owned by hedge funds and other institutional investors.
Shares of MGM Resorts International stock traded up $0.03 during mid-day trading on Monday, reaching $36.02. The company had a trading volume of 573,003 shares, compared to its average volume of 7,912,651. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.73 and a current ratio of 0.77. MGM Resorts International has a 52-week low of $25.21 and a 52-week high of $38.41. The company has a market capitalization of $20,383.56, a PE ratio of 10.59, a P/E/G ratio of 1.71 and a beta of 1.45.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Tuesday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.04. MGM Resorts International had a return on equity of 5.78% and a net margin of 17.92%. The firm had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.51 billion. During the same period in the prior year, the company posted $0.11 earnings per share. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. research analysts anticipate that MGM Resorts International will post 1.39 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Friday, March 9th were paid a dividend of $0.12 per share. This is a positive change from MGM Resorts International’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a yield of 1.33%. The ex-dividend date was Thursday, March 8th. MGM Resorts International’s dividend payout ratio is currently 14.12%.
In other MGM Resorts International news, President William Hornbuckle sold 60,000 shares of the stock in a transaction on Friday, March 9th. The stock was sold at an average price of $36.36, for a total transaction of $2,181,600.00. Following the completion of the transaction, the president now directly owns 26,289 shares in the company, valued at $955,868.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel J. Taylor sold 12,536 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $34.67, for a total value of $434,623.12. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 46,000 shares of company stock valued at $49,000 and have sold 142,646 shares valued at $5,104,710. Corporate insiders own 12.20% of the company’s stock.
MGM has been the subject of several research reports. Bank of America increased their price objective on MGM Resorts International from $38.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Zacks Investment Research raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Monday, February 5th. Jefferies Group initiated coverage on MGM Resorts International in a research report on Thursday, January 18th. They issued a “buy” rating and a $43.00 price objective for the company. Stifel Nicolaus reissued a “hold” rating and issued a $37.00 price objective (up from $36.00) on shares of MGM Resorts International in a research report on Wednesday, February 21st. Finally, Telsey Advisory Group initiated coverage on MGM Resorts International in a research report on Wednesday, March 14th. They issued a “market perform” rating and a $39.00 price objective for the company. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. MGM Resorts International currently has an average rating of “Buy” and an average price target of $37.94.
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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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