Oregon Public Employees Retirement Fund bought a new position in MGM Resorts International (NYSE:MGM) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 51,277 shares of the company’s stock, valued at approximately $1,671,000.
A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in MGM Resorts International by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 41,200,270 shares of the company’s stock worth $1,289,156,000 after buying an additional 1,354,902 shares in the last quarter. Capital Research Global Investors lifted its position in MGM Resorts International by 1.9% in the 2nd quarter. Capital Research Global Investors now owns 32,282,000 shares of the company’s stock worth $1,010,104,000 after buying an additional 600,000 shares in the last quarter. Canyon Capital Advisors LLC lifted its position in MGM Resorts International by 8.9% in the 2nd quarter. Canyon Capital Advisors LLC now owns 19,402,345 shares of the company’s stock worth $607,099,000 after buying an additional 1,583,585 shares in the last quarter. State Street Corp lifted its position in MGM Resorts International by 1.0% in the 2nd quarter. State Street Corp now owns 8,934,495 shares of the company’s stock worth $279,564,000 after buying an additional 92,329 shares in the last quarter. Finally, PointState Capital LP bought a new position in shares of MGM Resorts International during the 2nd quarter valued at $239,347,000. Institutional investors own 76.63% of the company’s stock.
In other MGM Resorts International news, Director Rose Mckinney-James sold 3,097 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $33.83, for a total value of $104,771.51. Following the sale, the director now directly owns 10,724 shares in the company, valued at approximately $362,792.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Corey Ian Sanders sold 16,446 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $33.63, for a total transaction of $553,078.98. Following the completion of the sale, the insider now owns 198,058 shares in the company, valued at $6,660,690.54. The disclosure for this sale can be found here. Insiders sold a total of 698,548 shares of company stock worth $23,770,532 over the last 90 days. Company insiders own 12.20% of the company’s stock.
Shares of MGM Resorts International (NYSE MGM) opened at $33.06 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 1.26. The stock has a market cap of $18,614.63, a price-to-earnings ratio of 29.10, a price-to-earnings-growth ratio of 7.47 and a beta of 1.42. MGM Resorts International has a 12-month low of $25.15 and a 12-month high of $34.65.
MGM Resorts International announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 5.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, December 11th will be given a $0.11 dividend. The ex-dividend date is Friday, December 8th. This represents a $0.44 annualized dividend and a yield of 1.33%. MGM Resorts International’s dividend payout ratio is 43.14%.
A number of research analysts have recently weighed in on the stock. BidaskClub upgraded shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 25th. Zacks Investment Research downgraded shares of MGM Resorts International from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Telsey Advisory Group raised their price target on shares of MGM Resorts International from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Friday, July 28th. Deutsche Bank AG downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price target on the stock. in a report on Monday, September 11th. Finally, Bank of America Corporation restated a “buy” rating and set a $40.00 price target (up previously from $38.00) on shares of MGM Resorts International in a report on Friday, September 8th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $36.50.
MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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