Wells Fargo & Company MN grew its stake in MGM Resorts International (NYSE:MGM) by 30.6% during the first quarter, HoldingsChannel.com reports. The fund owned 1,382,288 shares of the company’s stock after acquiring an additional 323,536 shares during the quarter. Wells Fargo & Company MN’s holdings in MGM Resorts International were worth $35,469,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in MGM Resorts International by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 6,387,824 shares of the company’s stock worth $154,688,000 after buying an additional 366,980 shares during the last quarter. Bank of America Corp DE lifted its position in MGM Resorts International by 380.3% during the 4th quarter. Bank of America Corp DE now owns 5,827,720 shares of the company’s stock worth $141,381,000 after acquiring an additional 4,614,420 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in MGM Resorts International during the 4th quarter worth about $122,017,000. Norges Bank acquired a new stake in MGM Resorts International during the 4th quarter worth about $108,871,000. Finally, Two Sigma Advisers LP lifted its position in MGM Resorts International by 127.9% during the 4th quarter. Two Sigma Advisers LP now owns 3,972,219 shares of the company’s stock worth $96,366,000 after acquiring an additional 2,228,972 shares during the period. Institutional investors and hedge funds own 79.44% of the company’s stock.
Several brokerages have recently issued reports on MGM. Morgan Stanley decreased their price objective on MGM Resorts International from $35.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, June 6th. Deutsche Bank reissued a “hold” rating and issued a $32.00 price objective on shares of MGM Resorts International in a report on Monday, March 25th. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Monday, February 18th. Finally, Credit Suisse Group reissued a “neutral” rating and issued a $30.00 price objective on shares of MGM Resorts International in a report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $33.20.
In other MGM Resorts International news, Director Keith A. Meister purchased 2,874,578 shares of MGM Resorts International stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average price of $26.18 per share, with a total value of $75,256,452.04. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Keith A. Meister purchased 165,093 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, June 12th. The stock was acquired at an average cost of $27.79 per share, with a total value of $4,587,934.47. The disclosure for this purchase can be found here. Insiders purchased a total of 5,243,698 shares of company stock valued at $136,882,568 in the last ninety days. 3.47% of the stock is currently owned by insiders.
Shares of MGM stock traded down $0.22 on Friday, hitting $27.50. The company had a trading volume of 1,479,011 shares, compared to its average volume of 6,051,080. The stock has a market cap of $14.88 billion, a PE ratio of 27.77, a price-to-earnings-growth ratio of 3.48 and a beta of 1.34. The company has a quick ratio of 0.75, a current ratio of 0.78 and a debt-to-equity ratio of 1.31. MGM Resorts International has a twelve month low of $21.61 and a twelve month high of $31.66.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Monday, April 29th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.04). The company had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.12 billion. MGM Resorts International had a net margin of 2.26% and a return on equity of 4.03%. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same period last year, the firm earned $0.38 EPS. Sell-side analysts anticipate that MGM Resorts International will post 0.97 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 10th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.52 dividend on an annualized basis and a yield of 1.89%. MGM Resorts International’s payout ratio is 52.53%.
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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.
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