MGM Resorts International (MGM) Shares Bought by L & S Advisors Inc
L & S Advisors Inc raised its position in MGM Resorts International (NYSE:MGM) by 16.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 50,259 shares of the company’s stock after buying an additional 6,935 shares during the period. L & S Advisors Inc’s holdings in MGM Resorts International were worth $1,638,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of MGM. PointState Capital LP acquired a new stake in MGM Resorts International in the 2nd quarter worth about $239,347,000. Maverick Capital Ltd. acquired a new stake in MGM Resorts International in the 2nd quarter worth about $215,381,000. Iridian Asset Management LLC CT acquired a new stake in MGM Resorts International in the 2nd quarter worth about $192,055,000. FMR LLC boosted its holdings in MGM Resorts International by 66.7% in the 2nd quarter. FMR LLC now owns 7,242,214 shares of the company’s stock worth $226,609,000 after buying an additional 2,897,242 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in MGM Resorts International in the 3rd quarter worth about $87,164,000. Institutional investors own 83.01% of the company’s stock.
In related news, insider Robert Baldwin sold 49,179 shares of the company’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 in the company, valued at $4,807,328.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James Murren sold 294,150 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $34.08, for a total value of $10,024,632.00. Following the completion of the transaction, the chief executive officer now owns 71,442 shares in the company, valued at $2,434,743.36. The disclosure for this sale can be found here. Insiders sold 445,479 shares of company stock worth $15,018,634 over the last quarter. 12.20% of the stock is currently owned by insiders.
Several research analysts have recently weighed in on the company. Stifel Nicolaus cut MGM Resorts International from a “buy” rating to a “hold” rating and lowered their target price for the stock from $38.00 to $33.00 in a report on Wednesday, October 18th. Instinet restated a “buy” rating and set a $40.00 target price on shares of MGM Resorts International in a report on Tuesday, October 3rd. Susquehanna Bancshares restated a “neutral” rating and set a $33.00 target price (down from $38.00) on shares of MGM Resorts International in a report on Tuesday, October 3rd. Barclays restated an “overweight” rating on shares of MGM Resorts International in a report on Monday, October 2nd. Finally, Bank of America restated 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. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $36.50.
MGM Resorts International (NYSE MGM) traded down $0.84 on Thursday, reaching $33.10. The company had a trading volume of 9,236,800 shares, compared to its average volume of 8,657,688. MGM Resorts International has a 12-month low of $25.15 and a 12-month high of $34.65. The firm has a market capitalization of $19,214.73, a PE ratio of 30.03, a PEG ratio of 7.71 and a beta of 1.44. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 1.26.
MGM Resorts International declared that its board has approved a share repurchase plan on Tuesday, September 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Monday, December 11th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s dividend payout ratio is presently 43.14%.
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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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