Financial Counselors Inc. Sells 3,289 Shares of MGM Resorts International (MGM)
Financial Counselors Inc. cut its stake in shares of MGM Resorts International (NYSE:MGM) by 3.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,912 shares of the company’s stock after selling 3,289 shares during the quarter. Financial Counselors Inc.’s holdings in MGM Resorts International were worth $2,865,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Spirit of America Management Corp NY bought a new position in MGM Resorts International in the 3rd quarter worth approximately $104,000. Sun Life Financial INC purchased a new stake in shares of MGM Resorts International in the third quarter valued at $124,000. Pacad Investment Ltd. purchased a new stake in shares of MGM Resorts International in the second quarter valued at $169,000. Toronto Dominion Bank lifted its holdings in shares of MGM Resorts International by 12.4% in the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock valued at $177,000 after purchasing an additional 624 shares in the last quarter. Finally, Colony Group LLC purchased a new stake in shares of MGM Resorts International in the second quarter valued at $203,000. 83.01% of the stock is owned by institutional investors.
MGM Resorts International (MGM) traded up $0.20 during trading hours on Tuesday, hitting $34.22. 6,345,200 shares of the stock were exchanged, compared to its average volume of 8,657,951. MGM Resorts International has a 52 week low of $25.15 and a 52 week high of $34.65. 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 company has a market capitalization of $19,260.02, a PE ratio of 30.11, a P/E/G ratio of 7.73 and a beta of 1.44.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Monday, December 11th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s dividend payout ratio is currently 43.14%.
MGM Resorts International announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to buy up to 5.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
MGM has been the subject of a number of research analyst reports. Morgan Stanley set a $34.00 target price on MGM Resorts International and gave the company a “buy” rating in a report on Friday, October 13th. Deutsche Bank lowered MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price objective for the company. in a report on Monday, September 11th. Nomura cut their price objective on MGM Resorts International from $38.00 to $37.00 and set a “buy” rating for the company in a report on Wednesday, November 1st. Roth Capital assumed coverage on MGM Resorts International in a report on Wednesday, October 25th. They set a “buy” rating and a $38.00 price objective for the company. Finally, Zacks Investment Research lowered MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. MGM Resorts International has an average rating of “Buy” and an average target price of $36.50.
In related news, insider Corey Ian Sanders sold 16,446 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $33.63, for a total value of $553,078.98. Following the completion of the sale, the insider now owns 198,058 shares of the company’s stock, valued at $6,660,690.54. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO James Murren sold 294,150 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $34.08, for a total transaction of $10,024,632.00. Following the completion of the sale, the chief executive officer now directly owns 71,442 shares of the company’s stock, valued at approximately $2,434,743.36. The disclosure for this sale can be found here. In the last three months, insiders sold 795,425 shares of company stock valued at $26,957,534. 12.20% of the stock is currently owned by company insiders.
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MGM Resorts International 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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