Bamco Inc. NY raised its holdings in shares of MGM Resorts International (NYSE:MGM) by 13.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,116,570 shares of the company’s stock after purchasing an additional 132,872 shares during the quarter. Bamco Inc. NY owned approximately 0.20% of MGM Resorts International worth $39,102,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in MGM. National Pension Service lifted its holdings in MGM Resorts International by 3.5% during the 4th quarter. National Pension Service now owns 532,730 shares of the company’s stock valued at $17,788,000 after purchasing an additional 17,834 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in MGM Resorts International by 3.9% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,822,821 shares of the company’s stock valued at $60,864,000 after purchasing an additional 67,872 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in MGM Resorts International during the 4th quarter valued at $604,000. State of Alaska Department of Revenue lifted its holdings in MGM Resorts International by 79.4% during the 4th quarter. State of Alaska Department of Revenue now owns 61,477 shares of the company’s stock valued at $2,050,000 after purchasing an additional 27,200 shares during the last quarter. Finally, CENTRAL TRUST Co lifted its holdings in MGM Resorts International by 58.0% during the 4th quarter. CENTRAL TRUST Co now owns 7,922 shares of the company’s stock valued at $264,000 after purchasing an additional 2,909 shares during the last quarter. 83.90% of the stock is owned by institutional investors and hedge funds.
MGM Resorts International opened at $32.34 on Friday, Marketbeat Ratings reports. The company has a current ratio of 0.67, a quick ratio of 0.64 and a debt-to-equity ratio of 1.12. The firm has a market cap of $17.92 billion, a price-to-earnings ratio of 31.71, a PEG ratio of 2.46 and a beta of 1.41. MGM Resorts International has a fifty-two week low of $29.53 and a fifty-two week high of $38.41.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, April 26th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.02). The firm had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.82 billion. MGM Resorts International had a return on equity of 5.45% and a net margin of 17.88%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.38 EPS. equities analysts expect that MGM Resorts International will post 1.27 EPS for the current fiscal year.
MGM Resorts International declared that its Board of Directors has approved a share buyback program on Thursday, May 10th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, June 8th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend is Thursday, June 7th. MGM Resorts International’s payout ratio is 47.06%.
In related news, CFO Daniel D’arrigo sold 36,366 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $34.78, for a total value of $1,264,809.48. Following the transaction, the chief financial officer now owns 242,799 shares in the company, valued at $8,444,549.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President William Hornbuckle sold 60,000 shares of the firm’s stock in a transaction on Friday, March 9th. The stock was sold at an average price of $36.36, for a total value of $2,181,600.00. Following the completion of the transaction, the president now owns 26,289 shares in the company, valued at approximately $955,868.04. The disclosure for this sale can be found here. Insiders have sold a total of 146,486 shares of company stock worth $5,226,246 in the last quarter. Company insiders own 12.20% of the company’s stock.
Several equities research analysts have issued reports on MGM shares. Susquehanna Bancshares raised MGM Resorts International from a “neutral” rating to a “positive” rating in a report on Monday, April 23rd. Zacks Investment Research downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, February 23rd. Bank of America raised their price target on MGM Resorts International from $38.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Telsey Advisory Group started coverage on MGM Resorts International in a report on Wednesday, March 14th. They set a “market perform” rating and a $39.00 price target for the company. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $37.00 price target (up previously from $36.00) on shares of MGM Resorts International in a report on Wednesday, February 21st. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $38.29.
MGM Resorts International Company Profile
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.
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