MGM Resorts International (MGM) Holdings Held by Employees Retirement System of Texas
Employees Retirement System of Texas maintained its stake in shares of MGM Resorts International (NYSE:MGM) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 260,000 shares of the company’s stock at the close of the 2nd quarter. Employees Retirement System of Texas’ holdings in MGM Resorts International were worth $8,135,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MGM. Pacad Investment Ltd. bought a new position in shares of MGM Resorts International during the 2nd quarter valued at approximately $169,000. Global X Management Co. LLC increased its stake in shares of MGM Resorts International by 30.4% during the 1st quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock worth $203,000 after purchasing an additional 1,724 shares during the last quarter. Cigna Investments Inc. New purchased a new stake in shares of MGM Resorts International during the 2nd quarter worth approximately $206,000. IPG Investment Advisors LLC purchased a new stake in shares of MGM Resorts International during the 2nd quarter worth approximately $219,000. Finally, Central Bank & Trust Co. purchased a new stake in shares of MGM Resorts International during the 2nd quarter worth approximately $222,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.
In related news, insider Robert Baldwin sold 49,179 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $33.13, for a total value of $1,629,300.27. Following the transaction, the insider now directly owns 145,105 shares of the company’s stock, valued at approximately $4,807,328.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James Murren sold 259,760 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $34.19, for a total value of $8,881,194.40. Following the completion of the transaction, the chief executive officer now directly owns 71,442 shares in the company, valued at $2,442,601.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 819,831 shares of company stock worth $27,686,927. 12.20% of the stock is owned by corporate insiders.
Several equities analysts have weighed in on the company. Zacks Investment Research lowered MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Morgan Stanley restated an “overweight” rating and issued a $34.00 target price (up from $33.00) on shares of MGM Resorts International in a research note on Monday, July 10th. Deutsche Bank AG cut MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price target on the stock. in a research report on Monday, September 11th. Telsey Advisory Group upped their price target on MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a research report on Friday, July 28th. Finally, UBS AG reiterated a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $35.12.
Shares of MGM Resorts International (MGM) traded down 0.504% during trading on Tuesday, reaching $30.615. The company’s stock had a trading volume of 3,949,508 shares. The company has a 50 day moving average of $32.17 and a 200 day moving average of $31.15. The company has a market cap of $17.61 billion, a PE ratio of 18.126 and a beta of 1.46. MGM Resorts International has a 12-month low of $25.15 and a 12-month high of $34.65. MGM Resorts International also was the recipient of unusually large options trading activity on Monday. Investors purchased 25,657 put options on the company. This is an increase of 317% compared to the typical volume of 6,159 put options.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.03. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 earnings per share. On average, analysts anticipate that MGM Resorts International will post $1.29 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Monday, September 11th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis 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 26.04%.
MGM Resorts International announced that its board has initiated a stock repurchase plan on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
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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