Equitable Trust Co. cut its stake in MGM Resorts International (NYSE:MGM – Get Rating) by 29.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,628 shares of the company's stock after selling 3,256 shares during the period. Equitable Trust Co.'s holdings in MGM Resorts International were worth $221,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the stock. Strategic Wealth Advisors Group LLC lifted its holdings in MGM Resorts International by 14.7% in the 1st quarter. Strategic Wealth Advisors Group LLC now owns 24,183 shares of the company's stock valued at $1,009,000 after acquiring an additional 3,097 shares during the last quarter. Prospera Financial Services Inc bought a new stake in MGM Resorts International during the first quarter worth approximately $121,000. Avantax Advisory Services Inc. grew its position in MGM Resorts International by 11.3% in the first quarter. Avantax Advisory Services Inc. now owns 8,844 shares of the company's stock worth $368,000 after buying an additional 899 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of MGM Resorts International in the first quarter valued at $106,000. Finally, Advisor Group Holdings Inc. lifted its position in shares of MGM Resorts International by 0.4% during the 1st quarter. Advisor Group Holdings Inc. now owns 216,600 shares of the company's stock valued at $8,541,000 after acquiring an additional 767 shares during the last quarter. Institutional investors and hedge funds own 67.54% of the company's stock.
Get
MGM Resorts International alerts:
Insider Transactions at MGM Resorts International
In related news, Director Janet Swartz acquired 14,230 shares of the business's stock in a transaction that occurred on Thursday, August 25th. The shares were acquired at an average cost of $35.05 per share, with a total value of $498,761.50. Following the purchase, the director now owns 19,858 shares of the company's stock, valued at $696,022.90. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Corey Ian Sanders sold 10,000 shares of MGM Resorts International stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $36.00, for a total value of $360,000.00. Following the transaction, the chief operating officer now directly owns 280,273 shares in the company, valued at $10,089,828. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Janet Swartz bought 14,230 shares of the firm's stock in a transaction that occurred on Thursday, August 25th. The shares were acquired at an average price of $35.05 per share, with a total value of $498,761.50. Following the purchase, the director now owns 19,858 shares in the company, valued at $696,022.90. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 590,030 shares of company stock worth $20,493,524. 2.13% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on the company. Argus lowered MGM Resorts International from a "buy" rating to a "hold" rating in a research report on Thursday, September 8th. Truist Financial upped their price objective on shares of MGM Resorts International from $35.00 to $40.00 in a research note on Thursday, August 4th. UBS Group dropped their target price on shares of MGM Resorts International to $40.00 in a research report on Thursday, June 9th. JMP Securities started coverage on shares of MGM Resorts International in a research report on Tuesday, June 28th. They set an "outperform" rating and a $55.00 price objective on the stock. Finally, Credit Suisse Group reduced their target price on MGM Resorts International from $76.00 to $72.00 and set an "outperform" rating for the company in a report on Thursday, August 4th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $52.97.
MGM Resorts International Trading Up 2.1 %
NYSE:MGM opened at $30.62 on Thursday. The company has a market capitalization of $12.04 billion, a P/E ratio of 4.29 and a beta of 2.11. The stock's 50 day moving average price is $33.40 and its 200 day moving average price is $35.00. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.63 and a current ratio of 1.65. MGM Resorts International has a 52 week low of $26.41 and a 52 week high of $51.17.
MGM Resorts International (NYSE:MGM – Get Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.21). MGM Resorts International had a return on equity of 1.44% and a net margin of 27.33%. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.03 billion. On average, research analysts forecast that MGM Resorts International will post 0.04 EPS for the current fiscal year.
MGM Resorts International Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, September 9th were given a $0.0025 dividend. The ex-dividend date was Thursday, September 8th. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.03%. MGM Resorts International's dividend payout ratio is currently 0.14%.
About MGM Resorts International
(Get Rating)
MGM Resorts International, through its subsidiaries, owns and operates 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.
Featured Articles
- Get a free copy of the StockNews.com research report on MGM Resorts International (MGM)
- A Trio of Q3 Winners With Room to Run
- This Little Known Small Cap Is Up 139%: Is The Stock A Buy?
- Can HCA Healthcare Weather the Normalization?
- Can United Natural Foods Fight Both Inflation and the Fed?
- Mullen Automotive Is Ready To Get In Gear
Want to see what other hedge funds are holding MGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGM Resorts International (NYSE:MGM – Get Rating).
Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.
