Candriam Luxembourg S.C.A. Decreases Position in MGM Resorts International (NYSE:MGM)
Candriam Luxembourg S.C.A. lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 5.2% during the second quarter, Holdings Channel reports. The institutional investor owned 66,864 shares of the company’s stock after selling 3,679 shares during the period. Candriam Luxembourg S.C.A.’s holdings in MGM Resorts International were worth $2,092,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. 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 in the last quarter. Toronto Dominion Bank increased its stake in shares of MGM Resorts International by 28.0% in the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock valued at $138,000 after buying an additional 1,099 shares in the last quarter. MUFG Americas Holdings Corp acquired a new stake in shares of MGM Resorts International during the first quarter valued at about $198,000. Global X Management Co. LLC increased its stake in shares of 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 valued at $203,000 after buying an additional 1,724 shares in the last quarter. Finally, IPG Investment Advisors LLC acquired a new stake in shares of MGM Resorts International during the second quarter valued at about $219,000. 73.49% of the stock is owned by institutional investors and hedge funds.
MGM Resorts International (MGM) opened at 30.51 on Friday. The company has a market cap of $17.54 billion, a PE ratio of 18.05 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. The company has a 50 day moving average price of $32.38 and a 200-day moving average price of $29.93.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. The business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.29 EPS. Equities analysts predict that MGM Resorts International will post $1.24 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be issued a dividend of $0.11 per share. The ex-dividend date is Friday, September 8th. This represents a $0.44 dividend on an annualized basis and a yield of 1.44%. MGM Resorts International’s dividend payout ratio (DPR) is 26.04%.
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Several equities research analysts have issued reports on MGM shares. TheStreet raised MGM Resorts International from a “c+” rating to a “b” rating in a report on Friday, April 28th. Instinet reaffirmed a “buy” rating and set a $40.00 price target (up previously from $35.00) on shares of MGM Resorts International in a report on Monday, June 19th. BidaskClub downgraded MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 1st. Aegis reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Sunday, April 23rd. Finally, Deutsche Bank AG raised 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 research analyst has rated the stock with a sell rating, two have issued a hold rating and nineteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $34.59.
In related news, Director Mary Christine Gay sold 3,000 shares of the stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $31.88, for a total transaction of $95,640.00. Following the sale, the director now owns 11,208 shares of the company’s stock, valued at approximately $357,311.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alexis Herman sold 3,745 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $32.51, for a total value of $121,749.95. Following the sale, the director now directly owns 8,285 shares in the company, valued at approximately $269,345.35. The disclosure for this sale can be found here. Insiders have sold a total of 105,501 shares of company stock worth $3,417,518 in the last three months. 12.20% of the stock is currently owned by 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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