Commonwealth of Pennsylvania Public School Empls Retrmt SYS Buys Shares of 52,457 MGM Resorts International (MGM)
Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of MGM Resorts International (NYSE:MGM) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 52,457 shares of the company’s stock, valued at approximately $1,523,000.
A number of other institutional investors and hedge funds have also bought and sold shares of MGM. Synovus Financial Corp acquired a new stake in MGM Resorts International during the 1st quarter worth approximately $102,000. Dupont Capital Management Corp increased its position in MGM Resorts International by 80.8% during the 1st quarter. Dupont Capital Management Corp now owns 4,490 shares of the company’s stock worth $157,000 after purchasing an additional 2,007 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new stake in MGM Resorts International during the 2nd quarter worth approximately $170,000. Moors & Cabot Inc. acquired a new stake in MGM Resorts International during the 1st quarter worth approximately $207,000. Finally, Princeton Capital Management LLC acquired a new stake in MGM Resorts International during the 2nd quarter worth approximately $218,000. 87.29% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on MGM shares. Nomura dropped their target price on shares of MGM Resorts International from $40.00 to $39.00 and set a “buy” rating for the company in a research report on Monday, July 9th. Zacks Investment Research raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a research report on Tuesday, April 24th. Jefferies Financial Group reissued a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, August 1st. Morgan Stanley dropped their target price on shares of MGM Resorts International from $38.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, August 3rd. Finally, ValuEngine cut MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, April 27th. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $37.07.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Thursday, August 2nd. The company reported $0.26 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.26. The firm had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.97 billion. MGM Resorts International had a return on equity of 5.07% and a net margin of 17.11%. MGM Resorts International’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.28 EPS. sell-side analysts forecast that MGM Resorts International will post 1.16 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Monday, September 10th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend is Friday, September 7th. MGM Resorts International’s dividend payout ratio is presently 47.06%.
MGM Resorts International declared that its board has approved a stock buyback plan on Thursday, May 10th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 10.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other news, Director Alexis Herman sold 1,750 shares of the stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $28.28, for a total transaction of $49,490.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Christine Gay sold 1,585 shares of the stock in a transaction that occurred on Tuesday, June 5th. The shares were sold at an average price of $30.94, for a total value of $49,039.90. Following the transaction, the director now owns 14,336 shares of the company’s stock, valued at $443,555.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,459 shares of company stock valued at $378,854. 0.43% of the stock is owned by company insiders.
About MGM Resorts International
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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