FrontFour Capital Group LLC Has $11.11 Million Stake in MGM Resorts International (MGM)
FrontFour Capital Group LLC grew its stake in MGM Resorts International (NYSE:MGM) by 6.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 340,902 shares of the company’s stock after buying an additional 19,782 shares during the period. MGM Resorts International accounts for about 2.0% of FrontFour Capital Group LLC’s holdings, making the stock its 10th biggest holding. FrontFour Capital Group LLC owned 0.06% of MGM Resorts International worth $11,110,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in MGM Resorts International by 3.4% during the second quarter. Vanguard Group Inc. now owns 41,200,270 shares of the company’s stock worth $1,289,156,000 after purchasing an additional 1,354,902 shares during the period. Capital Research Global Investors grew its stake in MGM Resorts International by 1.9% during the second quarter. Capital Research Global Investors now owns 32,282,000 shares of the company’s stock worth $1,010,104,000 after purchasing an additional 600,000 shares during the period. Canyon Capital Advisors LLC grew its stake in MGM Resorts International by 8.9% during the second quarter. Canyon Capital Advisors LLC now owns 19,402,345 shares of the company’s stock worth $607,099,000 after purchasing an additional 1,583,585 shares during the period. State Street Corp grew its stake in MGM Resorts International by 1.0% during the second quarter. State Street Corp now owns 8,934,495 shares of the company’s stock worth $279,564,000 after purchasing an additional 92,329 shares during the period. Finally, PointState Capital LP acquired a new stake in MGM Resorts International during the second quarter worth approximately $239,347,000. 83.01% of the stock is owned by institutional investors.
In other news, insider Phyllis James sold 19,149 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 8,961 shares in the company, valued at $301,448.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Baldwin sold 61,600 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $32.56, for a total value of $2,005,696.00. Following the completion of the transaction, the insider now owns 70,049 shares in the company, valued at approximately $2,280,795.44. The disclosure for this sale can be found here. Insiders sold 96,877 shares of company stock worth $3,187,002 in the last 90 days. Corporate insiders own 12.20% of the company’s stock.
Shares of MGM Resorts International (NYSE MGM) traded down $0.63 during trading hours on Wednesday, reaching $32.71. The company’s stock had a trading volume of 7,857,600 shares, compared to its average volume of 8,650,222. The company has a market capitalization of $18,875.05, a price-to-earnings ratio of 29.50, a P/E/G ratio of 7.58 and a beta of 1.44. The company has a current ratio of 1.02, a quick ratio of 0.98 and a debt-to-equity ratio of 1.26. MGM Resorts International has a 1-year low of $25.15 and a 1-year high of $34.65.
MGM Resorts International declared that its board has authorized a share buyback plan on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Monday, December 11th will be issued a $0.11 dividend. The ex-dividend date is Friday, December 8th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.35%. MGM Resorts International’s dividend payout ratio is presently 43.14%.
Several equities research analysts recently commented on MGM shares. Morgan Stanley set a $34.00 target price on MGM Resorts International and gave the stock a “buy” rating in a research note on Friday, October 13th. Deutsche Bank lowered MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price target on the stock. in a report on Monday, September 11th. Nomura cut their price target on MGM Resorts International from $38.00 to $37.00 and set a “buy” rating on the stock in a report on Wednesday, November 1st. Roth Capital started coverage on MGM Resorts International in a report on Wednesday, October 25th. They issued a “buy” rating and a $38.00 price target on the stock. Finally, Zacks Investment Research lowered MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. MGM Resorts International has a consensus rating of “Buy” and an average target price of $36.50.
ILLEGAL ACTIVITY NOTICE: “FrontFour Capital Group LLC Has $11.11 Million Stake in MGM Resorts International (MGM)” was originally published by Watch List News and is the sole property of of Watch List News. If you are reading this piece of content on another domain, it was illegally copied and republished in violation of United States & international trademark and copyright law. The correct version of this piece of content can be read at https://www.watchlistnews.com/frontfour-capital-group-llc-has-11-11-million-stake-in-mgm-resorts-international-mgm/1761626.html.
About MGM Resorts International
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.
Want to see what other hedge funds are holding MGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGM Resorts International (NYSE:MGM).
Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with Analyst Ratings Network's FREE daily email newsletter.