Russell Investments Group Ltd. Has $28.38 Million Stake in MGM Resorts International (MGM)
Russell Investments Group Ltd. cut its stake in MGM Resorts International (NYSE:MGM) by 15.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 906,617 shares of the company’s stock after selling 168,035 shares during the period. Russell Investments Group Ltd. owned approximately 0.16% of MGM Resorts International worth $28,380,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of MGM. IFP Advisors Inc increased its stake in shares of MGM Resorts International by 0.7% in the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock valued at $125,000 after buying an additional 31 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of MGM Resorts International by 0.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 34,213 shares of the company’s stock worth $937,000 after buying an additional 140 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of MGM Resorts International by 3.4% in the first quarter. Pacer Advisors Inc. now owns 9,269 shares of the company’s stock worth $254,000 after buying an additional 302 shares in the last quarter. Wellington Shields Capital Management LLC increased its position in shares of MGM Resorts International by 0.6% in the first quarter. Wellington Shields Capital Management LLC now owns 66,650 shares of the company’s stock worth $1,826,000 after buying an additional 400 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. increased its position in shares of 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 in the last quarter. 73.66% of the stock is owned by institutional investors.
Shares of MGM Resorts International (NYSE MGM) traded up 0.57% during mid-day trading on Friday, hitting $31.74. The stock had a trading volume of 3,420,730 shares. The stock has a market cap of $18.25 billion, a price-to-earnings ratio of 18.78 and a beta of 1.48. The firm has a 50 day moving average of $32.62 and a 200 day moving average of $29.81. MGM Resorts International has a one year low of $23.38 and a one year high of $34.53.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. The company had revenue of $2.64 billion for 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%. The company’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.29 earnings per share. On average, analysts forecast that MGM Resorts International will post $1.24 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date is Friday, September 8th. MGM Resorts International’s payout ratio is 26.04%.
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A number of research analysts recently commented on MGM shares. TheStreet raised MGM Resorts International from a “c+” rating to a “b” rating in a report on Friday, April 28th. Instinet reissued a “buy” rating and issued a $40.00 price target (up previously from $35.00) on shares of MGM Resorts International in a report on Monday, June 19th. UBS AG reissued a “buy” rating on shares of MGM Resorts International in a report on Tuesday, April 11th. Aegis reissued a “buy” rating on shares of MGM Resorts International in a report on Sunday, April 23rd. Finally, Deutsche Bank AG increased their price target on MGM Resorts International from $32.00 to $34.00 and gave the company a “buy” rating in a report on Friday, April 28th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nineteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $34.59.
In other MGM Resorts International news, CEO James Murren sold 57,269 shares of MGM Resorts International stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $33.05, for a total transaction of $1,892,740.45. Following the sale, the chief executive officer now directly owns 1,231,611 shares of the company’s stock, valued at $40,704,743.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Mcmanus sold 10,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $31.28, for a total value of $312,800.00. Following the sale, the executive vice president now directly owns 46,917 shares in the company, valued at $1,467,563.76. The disclosure for this sale can be found here. Insiders have sold 102,501 shares of company stock worth $3,321,878 over the last ninety days. Company insiders own 12.20% of the company’s stock.
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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