Amalgamated Bank cut its position in shares of MGM Resorts International (NYSE:MGM) by 5.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 110,521 shares of the company’s stock after selling 6,433 shares during the period. Amalgamated Bank’s holdings in MGM Resorts International were worth $4,769,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Weiss Multi Strategy Advisers LLC purchased a new stake in MGM Resorts International during the second quarter worth $3,529,000. Price T Rowe Associates Inc. MD boosted its holdings in MGM Resorts International by 89.9% during the second quarter. Price T Rowe Associates Inc. MD now owns 18,797,538 shares of the company’s stock worth $801,715,000 after buying an additional 8,896,662 shares in the last quarter. Senvest Management LLC raised its position in MGM Resorts International by 24.7% during the second quarter. Senvest Management LLC now owns 2,935,641 shares of the company’s stock worth $125,205,000 after acquiring an additional 581,600 shares during the period. Clearbridge Investments LLC raised its position in MGM Resorts International by 2.8% during the second quarter. Clearbridge Investments LLC now owns 1,154,263 shares of the company’s stock worth $49,229,000 after acquiring an additional 31,407 shares during the period. Finally, J.W. Cole Advisors Inc. raised its position in MGM Resorts International by 12.3% during the second quarter. J.W. Cole Advisors Inc. now owns 11,441 shares of the company’s stock worth $488,000 after acquiring an additional 1,253 shares during the period. 63.42% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have weighed in on MGM. TheStreet upgraded shares of MGM Resorts International from a “c” rating to a “b-” rating in a research report on Wednesday, November 3rd. Citigroup began coverage on shares of MGM Resorts International in a research report on Tuesday, December 7th. They set a “buy” rating and a $56.00 price objective for the company. Morgan Stanley upped their price objective on shares of MGM Resorts International from $51.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, December 17th. Wells Fargo & Company upped their price objective on shares of MGM Resorts International from $55.00 to $62.00 and gave the stock an “overweight” rating in a research report on Thursday, November 4th. They noted that the move was a valuation call. Finally, Credit Suisse Group upgraded shares of MGM Resorts International from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $33.00 to $68.00 in a research report on Tuesday, October 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, MGM Resorts International presently has a consensus rating of “Hold” and a consensus price target of $48.81.
In other news, COO Corey Ian Sanders sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, October 1st. The shares were sold at an average price of $44.15, for a total value of $1,766,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Mcmanus sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, November 8th. The shares were sold at an average price of $50.04, for a total transaction of $350,280.00. The disclosure for this sale can be found here. In the last three months, insiders sold 116,200 shares of company stock valued at $5,206,064. Insiders own 5.09% of the company’s stock.
Shares of MGM stock opened at $45.74 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.96 and a quick ratio of 1.93. The firm has a market cap of $21.45 billion, a PE ratio of 35.18 and a beta of 2.38. The company has a 50-day moving average of $44.69 and a two-hundred day moving average of $42.74. MGM Resorts International has a 1-year low of $27.81 and a 1-year high of $51.17.
MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, November 3rd. The company reported $0.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.07. The company had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.41 billion. MGM Resorts International had a net margin of 8.33% and a negative return on equity of 6.80%. During the same quarter last year, the firm posted ($1.08) earnings per share. Sell-side analysts anticipate that MGM Resorts International will post -0.86 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15th. Stockholders of record on Friday, December 10th were paid a $0.0025 dividend. This represents a $0.01 annualized dividend and a dividend yield of 0.02%. The ex-dividend date was Thursday, December 9th. MGM Resorts International’s payout ratio is 0.77%.
About MGM Resorts International
MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.
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