Comerica Bank grew its stake in shares of MGM Resorts International (NYSE:MGM) by 3.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,687 shares of the company’s stock after acquiring an additional 910 shares during the period. Comerica Bank’s holdings in MGM Resorts International were worth $839,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MGM. BlackRock Inc. lifted its position in shares of MGM Resorts International by 9,411.8% during the first quarter. BlackRock Inc. now owns 22,704,066 shares of the company’s stock worth $622,092,000 after acquiring an additional 22,465,373 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of MGM Resorts International by 8.4% during the first quarter. Vanguard Group Inc. now owns 39,845,368 shares of the company’s stock worth $1,091,763,000 after acquiring an additional 3,096,490 shares in the last quarter. Canyon Capital Advisors LLC lifted its position in shares of MGM Resorts International by 19.3% during the first quarter. Canyon Capital Advisors LLC now owns 17,818,760 shares of the company’s stock worth $488,234,000 after acquiring an additional 2,877,500 shares in the last quarter. Janus Capital Management LLC lifted its position in shares of MGM Resorts International by 297.5% during the first quarter. Janus Capital Management LLC now owns 2,876,597 shares of the company’s stock worth $78,819,000 after acquiring an additional 2,152,863 shares in the last quarter. Finally, Nicholas Investment Partners LP lifted its position in shares of MGM Resorts International by 492.8% during the first quarter. Nicholas Investment Partners LP now owns 2,318,498 shares of the company’s stock worth $63,526,000 after acquiring an additional 1,927,360 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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Several research firms have issued reports on MGM. Bank of America Corporation restated a “buy” rating and set a $40.00 target price (up previously from $38.00) on shares of MGM Resorts International in a research report on Friday, September 8th. Morgan Stanley restated an “overweight” rating and set a $34.00 target price (up previously from $33.00) on shares of MGM Resorts International in a research report on Monday, July 10th. UBS AG restated a “buy” rating on shares of MGM Resorts International in a research report on Monday, July 10th. Deutsche Bank AG restated a “buy” rating and set a $36.00 target price (up previously from $34.00) on shares of MGM Resorts International in a research report on Sunday, July 30th. Finally, Stifel Nicolaus reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eighteen have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $35.12.

In other MGM Resorts International news, CEO James Murren sold 57,269 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $31.54, for a total value of $1,806,264.26. Following the sale, the chief executive officer now owns 969,111 shares in the company, valued at approximately $30,565,760.94. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Alexis Herman sold 3,745 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $32.51, for a total transaction of $121,749.95. Following the completion of the sale, the director now owns 8,285 shares in the company, valued at approximately $269,345.35. The disclosure for this sale can be found here. In the last quarter, insiders sold 819,831 shares of company stock worth $27,686,927. Corporate insiders own 12.20% of the company’s stock.

MGM Resorts International (MGM) opened at 33.08 on Thursday. MGM Resorts International has a 1-year low of $24.78 and a 1-year high of $34.65. The company has a market cap of $19.03 billion, a PE ratio of 19.59 and a beta of 1.48. The company has a 50-day moving average price of $31.97 and a 200-day moving average price of $30.74.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.31 EPS for the quarter, topping the consensus estimate 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 net margin of 9.26% and a return on equity of 7.97%. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.29 EPS. On average, analysts expect that MGM Resorts International will post $1.29 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Monday, September 11th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend was Friday, September 8th. MGM Resorts International’s payout ratio is currently 26.04%.

MGM Resorts International announced that its Board of Directors has approved a stock repurchase program on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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.

Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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