Fjarde AP Fonden Fourth Swedish National Pension Fund Boosts Position in MGM Resorts International (MGM)
Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of MGM Resorts International (NYSE:MGM) by 19.3% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 139,205 shares of the company’s stock after buying an additional 22,504 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in MGM Resorts International were worth $4,356,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. IFP Advisors Inc boosted its stake in shares of MGM Resorts International by 0.7% in the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock worth $125,000 after buying an additional 31 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of MGM Resorts International by 28.0% in the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock worth $138,000 after buying an additional 1,099 shares in the last quarter. Cigna Investments Inc. New bought a new stake in shares of MGM Resorts International during the second quarter worth $206,000. IPG Investment Advisors LLC bought a new stake in shares of MGM Resorts International during the second quarter worth $219,000. Finally, Central Bank & Trust Co. bought a new stake in shares of MGM Resorts International during the second quarter worth $222,000. 75.22% of the stock is owned by hedge funds and other institutional investors.
Shares of MGM Resorts International (NYSE MGM) opened at 31.69 on Tuesday. The company has a market capitalization of $18.23 billion, a price-to-earnings ratio of 18.76 and a beta of 1.48. The stock has a 50 day moving average price of $32.00 and a 200 day moving average price of $30.10. MGM Resorts International has a 1-year low of $23.52 and a 1-year high of $34.53.
MGM Resorts International (NYSE:MGM) last posted its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.03. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same period in the prior year, the company posted $0.29 EPS. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. Analysts forecast that MGM Resorts International will post $1.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Friday, September 8th. MGM Resorts International’s dividend payout ratio is presently 26.04%.
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A number of analysts have weighed in on the company. UBS AG cut MGM Resorts International from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $33.00 to $36.00 in a research report on Tuesday, August 1st. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 1st. Instinet reissued a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 17th. Deutsche Bank AG reissued a “buy” rating and set a $36.00 price objective (up previously from $34.00) on shares of MGM Resorts International in a research report on Sunday, July 30th. Finally, 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 research report on Friday, July 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eighteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $34.81.
In other MGM Resorts International news, Director Alexis Herman sold 3,745 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $32.51, for a total value of $121,749.95. Following the sale, the director now directly owns 8,285 shares in the company, valued at approximately $269,345.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Murren sold 57,269 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $31.54, for a total transaction of $1,806,264.26. Following the completion of the sale, 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. Insiders sold a total of 121,283 shares of company stock worth $3,916,395 over the last quarter. Corporate 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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