Pacific Grove Capital LP lessened its holdings in MGM Resorts International (NYSE:MGM) by 3.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 168,300 shares of the company’s stock after selling 6,700 shares during the quarter. MGM Resorts International comprises approximately 1.8% of Pacific Grove Capital LP’s investment portfolio, making the stock its 13th largest holding. Pacific Grove Capital LP’s holdings in MGM Resorts International were worth $4,886,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Synovus Financial Corp purchased a new stake in shares of MGM Resorts International during the 1st quarter worth $102,000. MUFG Americas Holdings Corp purchased a new stake in shares of MGM Resorts International during the 2nd quarter worth $102,000. Dupont Capital Management Corp lifted its position in shares of MGM Resorts International by 80.8% during the 1st quarter. Dupont Capital Management Corp now owns 4,490 shares of the company’s stock worth $157,000 after purchasing an additional 2,007 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of MGM Resorts International during the 2nd quarter worth $170,000. Finally, Moors & Cabot Inc. purchased a new stake in shares of MGM Resorts International during the 1st quarter worth $207,000. 79.87% of the stock is owned by institutional investors.

NYSE:MGM traded up $0.13 during midday trading on Thursday, hitting $27.39. 63,107 shares of the company were exchanged, compared to its average volume of 7,432,159. MGM Resorts International has a fifty-two week low of $26.31 and a fifty-two week high of $38.41. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.68 and a quick ratio of 0.64. The firm has a market capitalization of $14.49 billion, a P/E ratio of 26.99, a P/E/G ratio of 3.46 and a beta of 1.44.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, August 2nd. The company reported $0.26 EPS for the quarter, meeting analysts’ consensus estimates of $0.26. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.97 billion. MGM Resorts International had a net margin of 17.11% and a return on equity of 5.07%. MGM Resorts International’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.28 earnings per share. sell-side analysts anticipate that MGM Resorts International will post 1.16 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Monday, September 10th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, September 7th. This represents a $0.48 dividend on an annualized basis and a yield of 1.75%. MGM Resorts International’s dividend payout ratio is presently 47.06%.

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus reaffirmed a “hold” rating and set a $33.00 price objective (down from $37.00) on shares of MGM Resorts International in a research report on Friday, August 3rd. Zacks Investment Research cut shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Wednesday, July 4th. Jefferies Financial Group reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, August 1st. Credit Suisse Group initiated coverage on shares of MGM Resorts International in a research note on Tuesday, August 14th. They set a “neutral” rating and a $31.00 price target on the stock. Finally, Telsey Advisory Group cut their price target on shares of MGM Resorts International from $34.00 to $31.00 and set a “market perform” rating on the stock in a research note on Friday, August 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $37.14.

In other MGM Resorts International news, CFO Daniel D’arrigo sold 29,377 shares of MGM Resorts International stock in a transaction on Friday, August 31st. The shares were sold at an average price of $29.23, for a total value of $858,689.71. Following the transaction, the chief financial officer now directly owns 260,676 shares in the company, valued at $7,619,559.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Alexis Herman sold 1,750 shares of MGM Resorts International stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $28.28, for a total transaction of $49,490.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,627 shares of company stock worth $1,009,155. 12.20% of the stock is currently owned by company insiders.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

See Also: Price to Earnings Ratio (PE)

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

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