Means Investment CO. Inc. reduced its stake in shares of MGM Resorts International (NYSE:MGM) by 15.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,425 shares of the company’s stock after selling 1,531 shares during the quarter. Means Investment CO. Inc.’s holdings in MGM Resorts International were worth $320,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of MGM. Advisory Alpha LLC bought a new stake in shares of MGM Resorts International during the third quarter valued at about $25,000. Clearview Wealth Advisors LLC acquired a new position in MGM Resorts International during the fourth quarter worth about $29,000. Hoover Financial Advisors Inc. acquired a new position in MGM Resorts International during the fourth quarter worth about $30,000. Dimension Capital Management LLC acquired a new position in MGM Resorts International during the third quarter worth about $33,000. Finally, SOA Wealth Advisors LLC. acquired a new position in MGM Resorts International during the fourth quarter worth about $36,000. Institutional investors and hedge funds own 63.39% of the company’s stock.
MGM has been the topic of a number of research analyst reports. Jefferies Financial Group raised MGM Resorts International from a “hold” rating to a “buy” rating and lifted their target price for the stock from $36.00 to $50.00 in a report on Monday, March 22nd. Smith Barney Citigroup lowered MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Thursday, January 7th. They noted that the move was a valuation call. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell cut MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Thursday, January 7th. Argus raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Monday, March 1st. Finally, Morgan Stanley raised MGM Resorts International from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research note on Monday. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $30.29.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, February 10th. The company reported ($0.90) EPS for the quarter, topping analysts’ consensus estimates of ($0.96) by $0.06. MGM Resorts International had a negative return on equity of 12.08% and a net margin of 20.81%. The company had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the company earned $0.08 earnings per share. The company’s quarterly revenue was down 53.1% compared to the same quarter last year. On average, sell-side analysts forecast that MGM Resorts International will post -4.09 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, March 15th. Stockholders of record on Wednesday, March 10th were issued a dividend of $0.0025 per share. The ex-dividend date of this dividend was Tuesday, March 9th. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.02%. MGM Resorts International’s dividend payout ratio (DPR) is presently 1.30%.
In other news, CEO William Hornbuckle sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 5th. The stock was sold at an average price of $41.10, for a total transaction of $411,000.00. Following the sale, the chief executive officer now directly owns 229,177 shares in the company, valued at $9,419,174.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Todd Meinert sold 8,129 shares of the business’s stock in a transaction that occurred on Tuesday, February 16th. The shares were sold at an average price of $35.57, for a total value of $289,148.53. Following the sale, the senior vice president now owns 8,300 shares in the company, valued at $295,231. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,307,107 shares of company stock valued at $86,095,143. Corporate insiders own 5.06% of the company’s stock.
MGM Resorts International Profile
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.
Further Reading: Cost of Goods Sold (COGS)
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