IFM Investors Pty Ltd Raises Holdings in MGM Resorts International (NYSE:MGM)

IFM Investors Pty Ltd lifted its holdings in shares of MGM Resorts International (NYSE:MGMGet Rating) by 20.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,302 shares of the company’s stock after purchasing an additional 10,601 shares during the period. IFM Investors Pty Ltd’s holdings in MGM Resorts International were worth $2,655,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MGM. Chilton Capital Management LLC purchased a new position in shares of MGM Resorts International during the 4th quarter worth approximately $25,000. UMB Bank N A MO purchased a new position in shares of MGM Resorts International during the 4th quarter worth approximately $29,000. Capital Advisory Group Advisory Services LLC purchased a new position in shares of MGM Resorts International during the 1st quarter worth approximately $29,000. GPS Wealth Strategies Group LLC boosted its position in MGM Resorts International by 280.0% during the first quarter. GPS Wealth Strategies Group LLC now owns 760 shares of the company’s stock worth $32,000 after acquiring an additional 560 shares during the last quarter. Finally, Horan Securities Inc. acquired a new stake in MGM Resorts International during the fourth quarter worth approximately $45,000. 85.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MGM has been the topic of a number of analyst reports. UBS Group decreased their target price on shares of MGM Resorts International to $40.00 in a research report on Thursday, June 9th. Wells Fargo & Company raised their target price on shares of MGM Resorts International from $49.00 to $58.00 and gave the stock an “overweight” rating in a research report on Thursday. Citigroup decreased their target price on shares of MGM Resorts International from $59.00 to $56.00 and set a “buy” rating on the stock in a research report on Tuesday, July 5th. JMP Securities initiated coverage on shares of MGM Resorts International in a research report on Tuesday, June 28th. They set an “outperform” rating and a $55.00 target price on the stock. Finally, Credit Suisse Group decreased their target price on shares of MGM Resorts International from $76.00 to $72.00 and set an “outperform” rating on the stock in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and an average price target of $53.18.

Insider Buying and Selling

In other news, Director Paul J. Salem purchased 34,500 shares of the company’s stock in a transaction that occurred on Monday, June 13th. The shares were purchased at an average price of $28.92 per share, with a total value of $997,740.00. Following the purchase, the director now directly owns 1,555,000 shares of the company’s stock, valued at approximately $44,970,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Paul J. Salem purchased 34,500 shares of the company’s stock in a transaction that occurred on Monday, June 13th. The shares were purchased at an average price of $28.92 per share, with a total value of $997,740.00. Following the purchase, the director now directly owns 1,555,000 shares of the company’s stock, valued at approximately $44,970,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul J. Salem purchased 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 25th. The shares were purchased at an average cost of $31.25 per share, for a total transaction of $109,375.00. Following the purchase, the director now directly owns 1,520,500 shares in the company, valued at $47,515,625. The disclosure for this purchase can be found here. 2.13% of the stock is currently owned by insiders.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $34.71 on Friday. The company’s fifty day simple moving average is $31.05 and its 200-day simple moving average is $37.47. MGM Resorts International has a 52 week low of $26.41 and a 52 week high of $51.17. The company has a current ratio of 1.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.06. The company has a market cap of $14.79 billion, a PE ratio of 4.86 and a beta of 2.14.

MGM Resorts International Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Friday, September 9th will be paid a $0.0025 dividend. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date is Thursday, September 8th. MGM Resorts International’s dividend payout ratio is presently 0.14%.

MGM Resorts International Company Profile

(Get Rating)

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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