Land & Buildings Investment Management LLC trimmed its position in shares of MGM Resorts International (NYSE:MGM) by 44.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,080,010 shares of the company’s stock after selling 863,364 shares during the quarter. MGM Resorts International accounts for approximately 8.7% of Land & Buildings Investment Management LLC’s investment portfolio, making the stock its 5th biggest position. Land & Buildings Investment Management LLC owned 0.19% of MGM Resorts International worth $33,794,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Pacad Investment Ltd. acquired a new position in MGM Resorts International in the 2nd quarter valued at about $169,000. Cigna Investments Inc. New purchased a new stake in MGM Resorts International during the second quarter worth about $206,000. IPG Investment Advisors LLC purchased a new stake in MGM Resorts International during the second quarter worth about $219,000. Central Bank & Trust Co. purchased a new stake in MGM Resorts International during the second quarter worth about $222,000. Finally, First Allied Advisory Services Inc. purchased a new stake in MGM Resorts International during the second quarter worth about $225,000. Institutional investors own 75.17% of the company’s stock.

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In related news, Director Alexis Herman sold 3,745 shares of MGM Resorts International stock in a transaction 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 completion of the sale, the director now owns 8,285 shares in the company, valued at $269,345.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Murren sold 259,760 shares of MGM Resorts International stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $34.19, for a total transaction of $8,881,194.40. Following the completion of the sale, the chief executive officer now owns 71,442 shares of the company’s stock, valued at approximately $2,442,601.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 819,831 shares of company stock valued at $27,686,927. Company insiders own 12.20% of the company’s stock.

A number of research analysts recently weighed in on the stock. BidaskClub upgraded shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 25th. Zacks Investment Research lowered shares of MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Telsey Advisory Group increased their target price on shares of MGM Resorts International from $36.00 to $39.00 and gave the stock an “outperform” rating in a report on Friday, July 28th. Bank of America Corporation reiterated a “buy” rating and set a $40.00 target price (up from $38.00) on shares of MGM Resorts International in a report on Friday, September 8th. Finally, Deutsche Bank AG cut shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price target for the company. in a research report on Monday, September 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $35.12.

Shares of MGM Resorts International (NYSE MGM) traded up 1.17% during mid-day trading on Wednesday, hitting $31.21. 5,684,553 shares of the stock traded hands. The stock has a 50-day moving average of $32.17 and a 200 day moving average of $31.17. The stock has a market cap of $17.95 billion, a PE ratio of 18.48 and a beta of 1.46. MGM Resorts International has a one year low of $25.15 and a one year high of $34.65. MGM Resorts International also was the recipient of some unusual options trading on Monday. Stock investors acquired 25,657 put options on the company. This represents an increase of approximately 317% compared to the average daily volume of 6,159 put options.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.03. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same period in the previous year, the business earned $0.29 EPS. MGM Resorts International’s revenue for the quarter was up 16.4% compared to the same quarter last year. Equities analysts predict that MGM Resorts International will post $1.29 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Monday, September 11th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend was Friday, September 8th. MGM Resorts International’s dividend payout ratio (DPR) is currently 26.04%.

MGM Resorts International declared that its Board of Directors has authorized a stock buyback program on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.

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

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