MGM Resorts International (MGM) Position Lifted by HAP Trading LLC
HAP Trading LLC lifted its stake in MGM Resorts International (NYSE:MGM) by 362.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 390,159 shares of the company’s stock after acquiring an additional 305,763 shares during the period. HAP Trading LLC owned 0.07% of MGM Resorts International worth $12,208,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. IFP Advisors Inc raised its stake in shares of MGM Resorts International by 0.7% in the 1st quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock valued at $125,000 after acquiring an additional 31 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of MGM Resorts International by 28.0% in the 1st quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock valued at $138,000 after acquiring an additional 1,099 shares in the last quarter. Pacad Investment Ltd. bought a new position in shares of MGM Resorts International in the 2nd quarter valued at approximately $169,000. Global X Management Co. LLC raised its stake in shares of MGM Resorts International by 30.4% in the 1st quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock valued at $203,000 after acquiring an additional 1,724 shares in the last quarter. Finally, Cigna Investments Inc. New bought a new position in shares of MGM Resorts International in the 2nd quarter valued at approximately $206,000. 75.22% of the stock is currently owned by institutional investors and hedge funds.
Shares of MGM Resorts International (NYSE:MGM) traded down 2.51% during mid-day trading on Tuesday, hitting $32.25. The stock had a trading volume of 4,429,213 shares. The stock has a market capitalization of $18.55 billion, a P/E ratio of 19.09 and a beta of 1.48. MGM Resorts International has a 52 week low of $24.64 and a 52 week high of $34.65. The stock has a 50 day moving average of $32.18 and a 200-day moving average of $30.47.
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 Zacks’ 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 analyst estimates of $2.67 billion. During the same quarter last year, the company earned $0.29 EPS. The company’s revenue was up 16.4% on a year-over-year basis. On average, equities research analysts predict that MGM Resorts International will post $1.29 earnings per share for the current year.
MGM Resorts International declared that its board has approved a share buyback program on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
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 paid a dividend of $0.11 per share. 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 1.33%. MGM Resorts International’s dividend payout ratio (DPR) is presently 26.04%.
A number of research analysts recently weighed in on the company. UBS AG downgraded MGM Resorts International from a “buy” rating to a “neutral” rating and raised their price objective for the company from $33.00 to $36.00 in a research note on Tuesday, August 1st. Bank of America Corporation reaffirmed a “buy” rating and issued a $40.00 price target (up from $38.00) on shares of MGM Resorts International in a research report on Friday. Deutsche Bank AG downgraded MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price target on the stock. in a research report on Monday. Instinet reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 17th. Finally, BidaskClub downgraded MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $35.12.
In other MGM Resorts International news, CEO James Murren sold 259,760 shares of the firm’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $34.19, for a total transaction of $8,881,194.40. Following the transaction, the chief executive officer now owns 71,442 shares in the company, valued at approximately $2,442,601.98. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Corey Ian Sanders sold 16,446 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $33.63, for a total value of $553,078.98. Following the transaction, the insider now owns 198,058 shares in the company, valued at approximately $6,660,690.54. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 770,652 shares of company stock worth $26,057,626. Corporate insiders own 12.20% of the company’s stock.
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MGM Resorts International 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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