MGM Resorts International (MGM) Stake Lowered by Great West Life Assurance Co. Can
Great West Life Assurance Co. Can decreased its position in MGM Resorts International (NYSE:MGM) by 13.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 272,233 shares of the company’s stock after selling 40,596 shares during the period. Great West Life Assurance Co. Can’s holdings in MGM Resorts International were worth $8,506,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in MGM. Janney Montgomery Scott LLC boosted its stake in MGM Resorts International by 21.4% in the second quarter. Janney Montgomery Scott LLC now owns 25,410 shares of the company’s stock worth $795,000 after buying an additional 4,483 shares during the last quarter. Harbour Capital Advisors LLC boosted its stake in MGM Resorts International by 3,029.0% in the second quarter. Harbour Capital Advisors LLC now owns 234,675 shares of the company’s stock worth $7,500,000 after buying an additional 227,175 shares during the last quarter. IBM Retirement Fund acquired a new stake in MGM Resorts International during the second quarter worth approximately $235,000. Public Employees Retirement Association of Colorado boosted its stake in MGM Resorts International by 1.0% in the second quarter. Public Employees Retirement Association of Colorado now owns 91,976 shares of the company’s stock worth $2,878,000 after buying an additional 915 shares during the last quarter. Finally, Boston Advisors LLC boosted its stake in MGM Resorts International by 0.6% in the second quarter. Boston Advisors LLC now owns 473,405 shares of the company’s stock worth $14,813,000 after buying an additional 2,790 shares during the last quarter. Institutional investors own 73.49% of the company’s stock.
MGM Resorts International (MGM) opened at 30.59 on Friday. The stock has a market cap of $17.60 billion, a price-to-earnings ratio of 18.11 and a beta of 1.48. The firm’s 50-day moving average price is $32.31 and its 200-day moving average price is $29.94. 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 posted its quarterly earnings data on Thursday, July 27th. The company reported $0.31 EPS for the quarter, topping the 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 firm had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the company earned $0.29 earnings per share. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. On average, equities analysts predict that MGM Resorts International will post $1.24 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Monday, September 11th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend is Friday, September 8th. MGM Resorts International’s dividend payout ratio (DPR) is currently 26.04%.
TRADEMARK VIOLATION WARNING: This article was first reported by Daily Political and is the sole property of of Daily Political. If you are reading this article on another publication, it was illegally copied and reposted in violation of international copyright and trademark legislation. The original version of this article can be read at https://www.dailypolitical.com/2017/08/12/mgm-resorts-international-mgm-stake-lowered-by-great-west-life-assurance-co-can.html.
A number of research firms have recently commented on MGM. UBS AG cut MGM Resorts International from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $33.00 to $36.00 in a research note on Tuesday, August 1st. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. Deutsche Bank AG restated a “buy” rating and issued a $36.00 price objective (up from $34.00) on shares of MGM Resorts International in a research note on Sunday, July 30th. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Finally, Telsey Advisory Group boosted their price objective on MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a research note on Friday, July 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eighteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $34.81.
In other news, COO Corey Ian Sanders sold 21,441 shares of the firm’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $31.60, for a total value of $677,535.60. Following the transaction, the chief operating officer now owns 210,558 shares of the company’s stock, valued at $6,653,632.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Mcmanus sold 10,000 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 46,917 shares in the company, valued at approximately $1,467,563.76. The disclosure for this sale can be found here. Insiders sold 162,770 shares of company stock worth $5,223,782 in the last ninety days. Corporate 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.
Want to see what other hedge funds are holding MGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGM Resorts International (NYSE:MGM).
Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.