Pitcairn Co. lowered its position in shares of MGM Resorts International (NYSE:MGM) by 1.5% during the second quarter, Holdings Channel reports. The fund owned 15,930 shares of the company’s stock after selling 235 shares during the period. Pitcairn Co.’s holdings in MGM Resorts International were worth $498,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of MGM Resorts International by 9,411.8% in the first quarter. BlackRock Inc. now owns 22,704,066 shares of the company’s stock worth $622,092,000 after buying an additional 22,465,373 shares during the last quarter. Harris Associates L P boosted its position in shares of MGM Resorts International by 40.7% in the first quarter. Harris Associates L P now owns 23,573,669 shares of the company’s stock worth $645,919,000 after buying an additional 6,814,070 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of MGM Resorts International by 8.4% in the first quarter. Vanguard Group Inc. now owns 39,845,368 shares of the company’s stock worth $1,091,763,000 after buying an additional 3,096,490 shares during the last quarter. Canyon Capital Advisors LLC boosted its position in shares of MGM Resorts International by 19.3% in the first quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock worth $488,234,000 after buying an additional 2,877,500 shares during the last quarter. Finally, Janus Capital Management LLC boosted its position in shares of MGM Resorts International by 297.5% in the first quarter. Janus Capital Management LLC now owns 2,876,597 shares of the company’s stock worth $78,819,000 after buying an additional 2,152,863 shares during the last quarter. 74.10% of the stock is owned by institutional investors and hedge funds.

Shares of MGM Resorts International (NYSE:MGM) opened at 30.99 on Tuesday. MGM Resorts International has a 1-year low of $23.38 and a 1-year high of $34.53. The firm’s 50-day moving average price is $32.22 and its 200 day moving average price is $29.96. The firm has a market cap of $17.83 billion, a PE ratio of 18.35 and a beta of 1.48.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. MGM Resorts International’s revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 EPS. On average, equities research analysts forecast that MGM Resorts International will post $1.24 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be issued a $0.11 dividend. The ex-dividend date is Friday, September 8th. This represents a $0.44 annualized dividend and a yield of 1.42%. MGM Resorts International’s dividend payout ratio (DPR) is presently 26.04%.

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A number of equities analysts have commented on MGM shares. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 1st. Telsey Advisory Group reissued an “outperform” rating and set a $36.00 target price (up previously from $32.00) on shares of MGM Resorts International in a report on Thursday, April 27th. Aegis reissued a “buy” rating and set a $35.00 target price (up previously from $33.00) on shares of MGM Resorts International in a report on Saturday, April 29th. UBS AG reissued a “buy” rating on shares of MGM Resorts International in a report on Monday, July 10th. Finally, Nomura reissued a “buy” rating and set a $35.00 target price on shares of MGM Resorts International in a report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eighteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $34.81.

In other MGM Resorts International news, EVP John Mcmanus sold 10,000 shares of the business’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $31.28, for a total value of $312,800.00. Following the completion of the transaction, the executive vice president now directly owns 46,917 shares in the company, valued at approximately $1,467,563.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James Murren sold 57,269 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $33.05, for a total value of $1,892,740.45. Following the completion of the transaction, the chief executive officer now owns 1,231,611 shares of the company’s stock, valued at $40,704,743.55. The disclosure for this sale can be found here. Insiders sold a total of 141,329 shares of company stock valued at $4,546,246 over the last quarter. 12.20% of the stock is currently owned by insiders.

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

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