Strs Ohio Has $995,000 Position in MGM Resorts International (MGM)
Strs Ohio decreased its position in shares of MGM Resorts International (NYSE:MGM) by 16.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,806 shares of the company’s stock after selling 6,409 shares during the period. Strs Ohio’s holdings in MGM Resorts International were worth $995,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in MGM. IFP Advisors Inc raised its stake in MGM Resorts International by 0.7% in the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock worth $125,000 after buying an additional 31 shares during the period. Toronto Dominion Bank raised its stake in MGM Resorts International by 28.0% in the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock worth $138,000 after buying an additional 1,099 shares during the period. MUFG Americas Holdings Corp bought a new stake in MGM Resorts International during the first quarter worth $198,000. Global X Management Co. LLC raised its stake in MGM Resorts International by 30.4% in the first quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock worth $203,000 after buying an additional 1,724 shares during the period. Finally, Chevy Chase Trust Holdings Inc. raised its stake in MGM Resorts International by 7.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 8,094 shares of the company’s stock worth $222,000 after buying an additional 560 shares during the period. 74.10% of the stock is owned by hedge funds and other institutional investors.
MGM Resorts International (NYSE MGM) opened at 31.59 on Wednesday. The firm has a 50-day moving average price of $32.15 and a 200-day moving average price of $29.98. The company has a market cap of $18.17 billion, a P/E ratio of 18.70 and a beta of 1.48. MGM Resorts International has a 12-month low of $23.38 and a 12-month high of $34.53.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.03. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The business had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same period in the prior year, the business earned $0.29 EPS. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. On average, equities research analysts forecast that MGM Resorts International will post $1.24 earnings per share for the current fiscal year.
The company also recently announced 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. This represents a $0.44 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend is Friday, September 8th. MGM Resorts International’s dividend payout ratio is 26.04%.
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A number of research firms have recently weighed in on MGM. Deutsche Bank AG increased their price objective on MGM Resorts International from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Friday, April 28th. Telsey Advisory Group reissued an “outperform” rating and set a $36.00 price objective (up previously from $32.00) on shares of MGM Resorts International in a research note on Thursday, April 27th. CLSA reissued an “outperform” rating on shares of MGM Resorts International in a research note on Friday, April 28th. Morgan Stanley reissued an “overweight” rating and set a $34.00 price objective (up previously from $33.00) on shares of MGM Resorts International in a research note on Monday, July 10th. Finally, Instinet reissued a “buy” rating and set a $35.00 price objective (up previously from $34.00) on shares of MGM Resorts International in a research note on Saturday, April 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eighteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $34.81.
In other MGM Resorts International news, Director Mary Christine Gay sold 3,000 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $31.88, for a total value of $95,640.00. Following the completion of the sale, the director now directly owns 11,208 shares in the company, valued at approximately $357,311.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John Mcmanus sold 10,000 shares of the company’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 sale, the executive vice president now owns 46,917 shares of the company’s stock, valued at $1,467,563.76. 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. Company insiders own 12.20% of the company’s stock.
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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