BlackRock Inc. boosted its stake in MGM Resorts International (NYSE:MGM) by 19.9% in the fourth quarter, HoldingsChannel reports. The firm owned 35,609,163 shares of the company’s stock after purchasing an additional 5,897,782 shares during the quarter. BlackRock Inc. owned 0.06% of MGM Resorts International worth $1,188,991,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Asset Management One Co. Ltd. raised its stake in MGM Resorts International by 5.1% in the third quarter. Asset Management One Co. Ltd. now owns 712,424 shares of the company’s stock valued at $23,209,000 after purchasing an additional 34,625 shares in the last quarter. Cadence Capital Management LLC acquired a new position in MGM Resorts International in the third quarter valued at about $351,000. Highstreet Asset Management Inc. raised its stake in MGM Resorts International by 62.0% in the third quarter. Highstreet Asset Management Inc. now owns 22,951 shares of the company’s stock valued at $748,000 after purchasing an additional 8,785 shares in the last quarter. Arrow Investment Advisors LLC acquired a new position in MGM Resorts International in the third quarter valued at about $479,000. Finally, Oxbow Advisors LLC acquired a new position in MGM Resorts International in the third quarter valued at about $952,000. 82.31% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on MGM Resorts International from $39.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, November 1st. Stifel Nicolaus reaffirmed a “hold” rating and issued a $36.00 price target (up previously from $33.00) on shares of MGM Resorts International in a research note on Thursday, November 9th. Zacks Investment Research raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Monday, February 5th. Jefferies Group assumed coverage on MGM Resorts International in a research note on Thursday, January 18th. They issued a “buy” rating and a $43.00 price target for the company. Finally, Nomura dropped their price target on MGM Resorts International from $38.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, November 1st. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $37.38.
MGM Resorts International (NYSE:MGM) last released its earnings results on Tuesday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.02. MGM Resorts International had a return on equity of 6.47% and a net margin of 5.44%. The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.51 billion. During the same quarter in the previous year, the business posted $0.11 earnings per share. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. equities research analysts forecast that MGM Resorts International will post 1.09 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Friday, March 9th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.38%. This is a boost from MGM Resorts International’s previous quarterly dividend of $0.11. MGM Resorts International’s payout ratio is currently 43.14%.
In other news, insider Phyllis James sold 19,149 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $33.64, for a total transaction of $644,172.36. Following the sale, the insider now directly owns 8,961 shares in the company, valued at $301,448.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Sean Charland purchased 25,000 shares of MGM Resorts International stock in a transaction dated Wednesday, December 6th. The shares were purchased at an average price of $22.50 per share, for a total transaction of $562,500.00. Over the last 90 days, insiders have bought 95,000 shares of company stock worth $581,500. Company insiders own 12.20% of the company’s stock.
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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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