MGM Resorts International (MGM) Holdings Increased by BlueCrest Capital Management Ltd
BlueCrest Capital Management Ltd raised its holdings in MGM Resorts International (NYSE:MGM) by 1,712.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 321,415 shares of the company’s stock after buying an additional 303,682 shares during the quarter. BlueCrest Capital Management Ltd owned approximately 0.06% of MGM Resorts International worth $10,057,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Canyon Capital Advisors LLC grew its holdings in MGM Resorts International by 19.3% in the 1st quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock valued at $488,234,000 after buying an additional 2,877,500 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in MGM Resorts International in the 1st quarter valued at about $2,165,000. Neuberger Berman Group LLC grew its holdings in MGM Resorts International by 63.2% in the 2nd quarter. Neuberger Berman Group LLC now owns 1,189,143 shares of the company’s stock valued at $37,208,000 after buying an additional 460,431 shares during the period. GMT Capital Corp grew its holdings in MGM Resorts International by 89.4% in the 1st quarter. GMT Capital Corp now owns 3,490,000 shares of the company’s stock valued at $95,626,000 after buying an additional 1,647,200 shares during the period. Finally, Highbridge Capital Management LLC grew its holdings in MGM Resorts International by 92.4% in the 1st quarter. Highbridge Capital Management LLC now owns 36,357 shares of the company’s stock valued at $996,000 after buying an additional 17,457 shares during the period. Institutional investors own 75.17% of the company’s stock.
In other news, insider Robert Baldwin sold 49,179 shares of the stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $1,629,300.27. Following the transaction, the insider now owns 145,105 shares of the company’s stock, valued at approximately $4,807,328.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Robert Selwood sold 40,325 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $33.86, for a total value of $1,365,404.50. Following the transaction, the chief accounting officer now directly owns 197,993 shares in the company, valued at approximately $6,704,042.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 819,831 shares of company stock worth $27,686,927. 12.20% of the stock is currently owned by insiders.
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MGM Resorts International (MGM) traded down 0.45% during trading on Friday, reaching $30.76. The company had a trading volume of 2,879,316 shares. MGM Resorts International has a 12 month low of $25.15 and a 12 month high of $34.65. The company has a market capitalization of $17.69 billion, a P/E ratio of 18.21 and a beta of 1.46. The stock has a 50 day moving average of $32.13 and a 200-day moving average of $31.17.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.03. The business had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The firm’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.29 EPS. Equities research analysts expect that MGM Resorts International will post $1.29 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Monday, September 11th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend was Friday, September 8th. MGM Resorts International’s dividend payout ratio is 26.04%.
MGM Resorts International declared that its Board of Directors has approved a share buyback 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 shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
Several analysts have commented on MGM shares. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Instinet restated a “buy” rating on shares of MGM Resorts International in a report on Monday, July 17th. Susquehanna Bancshares Inc restated a “neutral” rating and issued a $33.00 price target (down previously from $38.00) on shares of MGM Resorts International in a report on Tuesday. Barclays PLC reaffirmed an “overweight” rating on shares of MGM Resorts International in a research note on Monday. Finally, UBS AG lowered MGM Resorts International from a “positive” rating to a “neutral” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $35.56.
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.
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