Commerzbank Aktiengesellschaft FI Buys 268,741 Shares of MGM Resorts International (MGM)
Commerzbank Aktiengesellschaft FI increased its position in MGM Resorts International (NYSE:MGM) by 529.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 319,539 shares of the company’s stock after buying an additional 268,741 shares during the period. Commerzbank Aktiengesellschaft FI owned about 0.06% of MGM Resorts International worth $9,998,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of MGM. Swiss National Bank raised its stake in shares of MGM Resorts International by 30.0% in the first quarter. Swiss National Bank now owns 1,625,250 shares of the company’s stock worth $44,532,000 after buying an additional 374,700 shares in the last quarter. MUFG Americas Holdings Corp bought a new stake in shares of MGM Resorts International during the first quarter worth approximately $198,000. Pictet Asset Management Ltd. raised its stake in shares of MGM Resorts International by 2.1% in the first quarter. Pictet Asset Management Ltd. now owns 155,050 shares of the company’s stock worth $4,248,000 after buying an additional 3,200 shares in the last quarter. Xact Kapitalforvaltning AB raised its stake in shares of MGM Resorts International by 8.1% in the first quarter. Xact Kapitalforvaltning AB now owns 33,624 shares of the company’s stock worth $921,000 after buying an additional 2,519 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of MGM Resorts International by 142.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 31,524 shares of the company’s stock worth $892,000 after buying an additional 18,512 shares in the last quarter. 75.22% of the stock is owned by hedge funds and other institutional investors.
Shares of MGM Resorts International (MGM) traded up 0.76% during midday trading on Friday, reaching $33.21. 5,281,585 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $32.13 and a 200-day moving average of $30.23. MGM Resorts International has a one year low of $24.26 and a one year high of $34.53. The stock has a market cap of $19.10 billion, a price-to-earnings ratio of 19.66 and a beta of 1.48.
MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. MGM Resorts International’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.29 EPS. On average, equities research analysts anticipate that MGM Resorts International will post $1.24 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Monday, September 11th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.32%. MGM Resorts International’s dividend payout ratio (DPR) is presently 26.04%.
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A number of analysts have commented on the company. BidaskClub raised MGM Resorts International from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 25th. Zacks Investment Research lowered MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Telsey Advisory Group boosted their price objective on MGM Resorts International from $36.00 to $39.00 and gave the stock an “outperform” rating in a report on Friday, July 28th. Deutsche Bank AG reissued a “buy” rating and set a $36.00 price objective (up from $34.00) on shares of MGM Resorts International in a report on Sunday, July 30th. Finally, Stifel Nicolaus reissued a “buy” rating on shares of MGM Resorts International in a report on Friday. One analyst has rated the stock with a sell rating, two have given a hold rating and eighteen have given a buy rating to the company’s stock. MGM Resorts International presently has an average rating of “Buy” and a consensus target price of $34.81.
In related news, Director Alexis Herman sold 3,745 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $32.51, for a total transaction of $121,749.95. Following the transaction, the director now directly owns 8,285 shares in the company, valued at approximately $269,345.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Murren sold 57,269 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $31.54, for a total transaction of $1,806,264.26. Following the transaction, the chief executive officer now owns 969,111 shares in the company, valued at $30,565,760.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 121,283 shares of company stock worth $3,916,395. Insiders own 12.20% of the company’s stock.
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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