Long Pond Capital LP lowered its stake in shares of MGM Resorts International (NYSE:MGM) by 57.0% during the second quarter, HoldingsChannel reports. The firm owned 605,833 shares of the company’s stock after selling 803,567 shares during the quarter. Long Pond Capital LP’s holdings in MGM Resorts International were worth $17,309,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Real Estate Management Services LLC bought a new stake in shares of MGM Resorts International during the 2nd quarter worth approximately $3,746,000. Rational Advisors LLC raised its stake in shares of MGM Resorts International by 1,113.8% during the 1st quarter. Rational Advisors LLC now owns 1,323 shares of the company’s stock worth $34,000 after purchasing an additional 1,214 shares in the last quarter. Moors & Cabot Inc. bought a new stake in shares of MGM Resorts International during the 1st quarter worth approximately $288,000. Beach Point Capital Management LP raised its stake in shares of MGM Resorts International by 17.6% during the 2nd quarter. Beach Point Capital Management LP now owns 958,234 shares of the company’s stock worth $27,377,000 after purchasing an additional 143,342 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of MGM Resorts International by 0.9% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 396,076 shares of the company’s stock worth $11,264,000 after purchasing an additional 3,602 shares in the last quarter. Institutional investors own 82.57% of the company’s stock.
In other MGM Resorts International news, insider Atif Rafiq purchased 8,761 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were acquired at an average price of $28.55 per share, for a total transaction of $250,126.55. Following the purchase, the insider now owns 8,761 shares in the company, valued at $250,126.55. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rose Mckinney-James sold 2,670 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $28.15, for a total value of $75,160.50. Following the completion of the sale, the director now owns 4,616 shares in the company, valued at approximately $129,940.40. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 745,402 shares of company stock worth $20,784,509. 3.47% of the stock is owned by company insiders.
MGM opened at $29.35 on Friday. MGM Resorts International has a 1-year low of $21.61 and a 1-year high of $31.68. The stock’s fifty day simple moving average is $28.64 and its 200 day simple moving average is $27.43. The company has a current ratio of 0.73, a quick ratio of 0.69 and a debt-to-equity ratio of 1.39. The stock has a market cap of $15.02 billion, a PE ratio of 29.65, a price-to-earnings-growth ratio of 4.24 and a beta of 1.49.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). MGM Resorts International had a net margin of 1.56% and a return on equity of 3.77%. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. During the same quarter last year, the company posted $0.26 EPS. The firm’s revenue was up 12.7% on a year-over-year basis. Equities analysts forecast that MGM Resorts International will post 0.85 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 10th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Monday, September 9th. MGM Resorts International’s dividend payout ratio (DPR) is presently 52.53%.
MGM has been the topic of a number of analyst reports. UBS Group upped their price objective on MGM Resorts International from $30.00 to $31.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Morgan Stanley upped their price objective on MGM Resorts International from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Susquehanna Bancshares initiated coverage on MGM Resorts International in a research note on Wednesday, July 24th. They set a “negative” rating and a $23.00 price objective on the stock. Bank of America cut MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. dropped their price objective on MGM Resorts International from $37.00 to $36.00 and set an “overweight” rating on the stock in a research note on Friday, September 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. MGM Resorts International currently has an average rating of “Hold” and a consensus target price of $30.91.
MGM Resorts International Company 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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