BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its holdings in MGM Resorts International (NYSE:MGM – Get Rating) by 29.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 40,754 shares of the company’s stock after selling 17,183 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in MGM Resorts International were worth $1,180,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA boosted its stake in shares of MGM Resorts International by 18.5% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 4,098,554 shares of the company’s stock worth $171,893,000 after acquiring an additional 639,019 shares in the last quarter. Invesco Ltd. boosted its stake in shares of MGM Resorts International by 8.6% during the 1st quarter. Invesco Ltd. now owns 4,018,367 shares of the company’s stock worth $168,530,000 after acquiring an additional 317,622 shares in the last quarter. Swiss National Bank boosted its stake in shares of MGM Resorts International by 10.9% during the 1st quarter. Swiss National Bank now owns 1,625,020 shares of the company’s stock worth $68,153,000 after acquiring an additional 159,800 shares in the last quarter. TD Asset Management Inc. boosted its stake in shares of MGM Resorts International by 19.3% during the 2nd quarter. TD Asset Management Inc. now owns 1,391,802 shares of the company’s stock worth $40,293,000 after acquiring an additional 225,161 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in shares of MGM Resorts International by 2.7% during the 2nd quarter. Clearbridge Investments LLC now owns 1,200,949 shares of the company’s stock worth $34,767,000 after acquiring an additional 31,580 shares in the last quarter. 67.54% of the stock is owned by hedge funds and other institutional investors.
MGM Resorts International Stock Down 0.5 %
MGM stock opened at $37.08 on Monday. The company has a market cap of $14.24 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.64 and a beta of 2.04. The company has a current ratio of 1.49, a quick ratio of 1.47 and a debt-to-equity ratio of 1.24. MGM Resorts International has a 12 month low of $26.41 and a 12 month high of $49.00. The firm has a 50-day moving average of $33.92 and a two-hundred day moving average of $32.90.
MGM Resorts International Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Friday, December 9th will be issued a $0.0025 dividend. The ex-dividend date is Thursday, December 8th. This represents a $0.01 dividend on an annualized basis and a yield of 0.03%. MGM Resorts International’s payout ratio is 0.34%.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on MGM. JPMorgan Chase & Co. increased their target price on shares of MGM Resorts International from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, November 3rd. Wells Fargo & Company lowered their target price on shares of MGM Resorts International from $58.00 to $53.00 and set an “overweight” rating on the stock in a research note on Friday, October 21st. Citigroup upped their price target on shares of MGM Resorts International from $58.00 to $58.50 and gave the stock a “buy” rating in a research report on Monday, September 26th. Credit Suisse Group reduced their price target on shares of MGM Resorts International from $72.00 to $67.00 and set an “outperform” rating for the company in a research report on Thursday, November 3rd. Finally, Argus downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Thursday, September 8th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of “Hold” and an average target price of $51.03.
Insider Buying and Selling at MGM Resorts International
In other news, COO Corey Ian Sanders sold 20,000 shares of the stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $38.00, for a total value of $760,000.00. Following the completion of the sale, the chief operating officer now owns 311,498 shares of the company’s stock, valued at approximately $11,836,924. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Rose Mckinney-James sold 5,741 shares of the stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $37.50, for a total transaction of $215,287.50. Following the completion of the transaction, the director now owns 5,740 shares of the company’s stock, valued at approximately $215,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Corey Ian Sanders sold 20,000 shares of the stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $38.00, for a total transaction of $760,000.00. Following the transaction, the chief operating officer now directly owns 311,498 shares of the company’s stock, valued at approximately $11,836,924. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,741 shares of company stock worth $1,337,388. Insiders own 2.13% of the company’s stock.
MGM Resorts International Profile
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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.
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