AMP Capital Investors Ltd Sells 39,152 Shares of MGM Resorts International (MGM)
AMP Capital Investors Ltd lowered its position in MGM Resorts International (NYSE:MGM) by 15.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 206,694 shares of the company’s stock after selling 39,152 shares during the period. AMP Capital Investors Ltd’s holdings in MGM Resorts International were worth $6,736,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. PointState Capital LP purchased a new stake in shares of MGM Resorts International in the second quarter worth approximately $239,347,000. Maverick Capital Ltd. purchased a new stake in shares of MGM Resorts International in the second quarter worth approximately $215,381,000. Iridian Asset Management LLC CT purchased a new stake in shares of MGM Resorts International in the second quarter worth approximately $192,055,000. FMR LLC raised its stake in shares of MGM Resorts International by 66.7% in the second quarter. FMR LLC now owns 7,242,214 shares of the company’s stock worth $226,609,000 after purchasing an additional 2,897,242 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of MGM Resorts International in the third quarter worth approximately $87,164,000. Institutional investors and hedge funds own 83.01% of the company’s stock.
Shares of MGM Resorts International (NYSE MGM) traded up $0.45 on Thursday, hitting $33.16. The company had a trading volume of 9,453,200 shares, compared to its average volume of 8,653,568. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 1.26. The stock has a market capitalization of $18,518.38, a P/E ratio of 28.95, a price-to-earnings-growth ratio of 7.43 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.
MGM Resorts International announced that its board has initiated a share buyback program on Tuesday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to purchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm 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. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s payout ratio is 43.14%.
In other news, Director Sean Charland bought 25,000 shares of the firm’s stock in a transaction on Wednesday, December 6th. The stock was acquired at an average cost of $22.50 per share, with a total value of $562,500.00. Also, insider Phyllis James sold 19,149 shares of the firm’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $33.64, for a total value of $644,172.36. Following the completion of the sale, the insider now directly owns 8,961 shares of the company’s stock, valued at $301,448.04. The disclosure for this sale can be found here. Insiders sold 96,877 shares of company stock valued at $3,187,002 over the last three months. Company insiders own 12.20% of the company’s stock.
Several brokerages have recently commented on MGM. Stifel Nicolaus downgraded MGM Resorts International from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $38.00 to $33.00 in a research note on Wednesday, October 18th. Instinet reissued a “buy” rating and issued a $40.00 price objective on shares of MGM Resorts International in a research note on Tuesday, October 3rd. Susquehanna Bancshares reissued a “neutral” rating and issued a $33.00 price objective (down from $38.00) on shares of MGM Resorts International in a research note on Tuesday, October 3rd. Barclays reissued an “overweight” rating on shares of MGM Resorts International in a research note on Monday, October 2nd. Finally, Bank of America reissued a “buy” rating and issued a $40.00 price objective (up from $38.00) on shares of MGM Resorts International in a research note on Friday, September 8th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. MGM Resorts International has a consensus rating of “Buy” and a consensus target price of $36.50.
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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