Great West Life Assurance Co. Can Raises Position in MGM Resorts International (MGM)
Great West Life Assurance Co. Can lifted its stake in MGM Resorts International (NYSE:MGM) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 367,207 shares of the company’s stock after purchasing an additional 8,134 shares during the period. Great West Life Assurance Co. Can owned 0.07% of MGM Resorts International worth $10,661,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of MGM. Synovus Financial Corp acquired a new stake in shares of MGM Resorts International in the first quarter valued at approximately $102,000. Dupont Capital Management Corp increased its holdings in shares of MGM Resorts International by 80.8% in the first quarter. Dupont Capital Management Corp now owns 4,490 shares of the company’s stock valued at $157,000 after purchasing an additional 2,007 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new stake in shares of MGM Resorts International in the second quarter valued at approximately $170,000. Moors & Cabot Inc. acquired a new stake in shares of MGM Resorts International in the first quarter valued at approximately $207,000. Finally, Princeton Capital Management LLC acquired a new stake in shares of MGM Resorts International in the second quarter valued at approximately $218,000. 79.87% of the stock is owned by institutional investors and hedge funds.
In other news, CFO Daniel D’arrigo sold 29,377 shares of the business’s stock in a transaction on Friday, August 31st. The shares were sold at an average price of $29.23, for a total value of $858,689.71. Following the completion of the transaction, the chief financial officer now owns 260,676 shares of the company’s stock, valued at approximately $7,619,559.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alexis Herman sold 3,500 shares of the business’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $28.85, for a total transaction of $100,975.00. The disclosure for this sale can be found here. Insiders sold a total of 34,627 shares of company stock valued at $1,009,155 in the last three months. 12.20% of the stock is owned by company insiders.
MGM opened at $27.00 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.68 and a quick ratio of 0.64. MGM Resorts International has a 52 week low of $26.83 and a 52 week high of $38.41. The firm has a market cap of $14.88 billion, a price-to-earnings ratio of 29.74, a price-to-earnings-growth ratio of 3.56 and a beta of 1.44.
MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, August 2nd. The company reported $0.26 EPS for the quarter, hitting analysts’ consensus estimates of $0.26. MGM Resorts International had a net margin of 17.11% and a return on equity of 5.07%. The firm had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the previous year, the business earned $0.28 EPS. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. equities analysts expect that MGM Resorts International will post 1.16 EPS for the current year.
MGM Resorts International declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 10th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 10.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Monday, September 10th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Friday, September 7th. MGM Resorts International’s dividend payout ratio (DPR) is 47.06%.
MGM Resorts International Profile
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.
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