MGM Resorts International (NYSE:MGM) Position Cut by Suffolk Capital Management LLC
Suffolk Capital Management LLC lowered its position in shares of MGM Resorts International (NYSE:MGM) by 25.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 379,848 shares of the company’s stock after selling 129,003 shares during the period. Suffolk Capital Management LLC owned about 0.07% of MGM Resorts International worth $11,885,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of MGM. IFP Advisors Inc boosted its position 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 last quarter. Toronto Dominion Bank boosted its position 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 last quarter. Central Bank & Trust Co. acquired a new position in MGM Resorts International during the second quarter worth about $222,000. MUFG Americas Holdings Corp acquired a new position in MGM Resorts International during the first quarter worth about $198,000. Finally, Global X Management Co. LLC boosted its position 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 last quarter. Institutional investors own 73.66% of the company’s stock.
MGM Resorts International (NYSE MGM) opened at 31.79 on Friday. The stock has a 50 day moving average price of $32.62 and a 200 day moving average price of $29.81. The company has a market capitalization of $18.28 billion, a price-to-earnings ratio of 18.81 and a beta of 1.48. MGM Resorts International has a 52-week low of $23.38 and a 52-week high of $34.53.
MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.03. The firm had revenue of $2.64 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the business posted $0.29 earnings per share. On average, equities analysts expect that MGM Resorts International will post $1.24 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.44 dividend on an annualized basis and a yield of 1.38%. MGM Resorts International’s dividend payout ratio (DPR) is presently 26.04%.
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A number of equities analysts recently issued reports on the company. UBS AG restated a “buy” rating on shares of MGM Resorts International in a report on Tuesday, April 11th. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Deutsche Bank AG reiterated a “buy” rating and issued a $36.00 target price (up from $34.00) on shares of MGM Resorts International in a report on Sunday, July 30th. Finally, Telsey Advisory Group upped their target price on MGM Resorts International from $36.00 to $39.00 and gave the stock an “outperform” rating in a report on Friday, July 28th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nineteen have given a buy rating to the stock. MGM Resorts International presently has a consensus rating of “Buy” and a consensus target price of $34.59.
In related news, Director Alexis Herman sold 3,745 shares of MGM Resorts International stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $32.51, for a total value of $121,749.95. Following the completion of the transaction, the director now directly owns 8,285 shares in the company, valued at $269,345.35. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO James Murren sold 57,269 shares of MGM Resorts International 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. Over the last quarter, insiders sold 102,501 shares of company stock valued at $3,321,878. 12.20% of the stock is currently owned by company insiders.
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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