Robeco Institutional Asset Management B.V. raised its position in shares of MGM Resorts International (NYSE:MGM) by 96.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 34,766 shares of the company’s stock after buying an additional 17,098 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in MGM Resorts International were worth $1,218,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in MGM. Cerebellum GP LLC purchased a new position in MGM Resorts International during the fourth quarter valued at $126,000. Dupont Capital Management Corp lifted its position in MGM Resorts International by 80.8% during the first quarter. Dupont Capital Management Corp now owns 4,490 shares of the company’s stock valued at $157,000 after buying an additional 2,007 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in MGM Resorts International by 88.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,945 shares of the company’s stock valued at $165,000 after buying an additional 2,318 shares during the period. NuWave Investment Management LLC purchased a new position in MGM Resorts International during the fourth quarter valued at $197,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in MGM Resorts International during the fourth quarter valued at $200,000. 82.52% of the stock is owned by institutional investors and hedge funds.
In related news, Director Alexis Herman sold 3,840 shares of MGM Resorts International stock in a transaction dated Monday, April 30th. The stock was sold at an average price of $31.65, for a total value of $121,536.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President William Hornbuckle sold 60,000 shares of MGM Resorts International stock in a transaction dated 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 sale, the president now owns 26,289 shares of the company’s stock, valued at $955,868.04. The disclosure for this sale can be found here. Insiders sold a total of 97,584 shares of company stock valued at $3,526,814 over the last quarter. 12.20% of the stock is owned by corporate insiders.
MGM has been the subject of several recent research reports. Zacks Investment Research lowered MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, February 23rd. Morgan Stanley raised their price objective on MGM Resorts International from $40.00 to $41.00 and gave the company a “buy” rating in a research report on Tuesday, March 27th. 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 assumed 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, Susquehanna Bancshares upgraded MGM Resorts International from a “neutral” rating to a “positive” rating in a report on Monday, April 23rd. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. MGM Resorts International has a consensus rating of “Buy” and a consensus price target of $38.29.
Shares of MGM Resorts International opened at $31.32 on Friday, Marketbeat Ratings reports. MGM Resorts International has a 1-year low of $29.53 and a 1-year high of $38.41. The company has a quick ratio of 0.64, a current ratio of 0.67 and a debt-to-equity ratio of 1.12. The firm has a market cap of $17.59 billion, a PE ratio of 30.71, a P/E/G ratio of 2.42 and a beta of 1.41.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Thursday, April 26th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.02). MGM Resorts International had a return on equity of 5.45% and a net margin of 17.88%. The business had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the previous year, the business posted $0.38 earnings per share. MGM Resorts International’s quarterly revenue was up 3.8% compared to the same quarter last year. sell-side analysts predict that MGM Resorts International will post 1.27 EPS for the current fiscal year.
MGM Resorts International announced that its board has approved a stock repurchase program on Thursday, May 10th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to purchase up to 10.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 8th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, June 7th. This represents a $0.48 annualized dividend and a yield of 1.53%. MGM Resorts International’s payout ratio is 47.06%.
MGM Resorts International 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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