Fmr LLC lessened its holdings in MGM Resorts International (NYSE:MGM – Get Rating) by 42.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,152,088 shares of the company’s stock after selling 1,572,408 shares during the quarter. Fmr LLC’s holdings in MGM Resorts International were worth $62,303,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its holdings in MGM Resorts International by 715.4% in the 1st quarter. First Horizon Advisors Inc. now owns 742 shares of the company’s stock valued at $31,000 after buying an additional 651 shares during the last quarter. Oliver Lagore Vanvalin Investment Group bought a new position in MGM Resorts International in the 1st quarter valued at approximately $38,000. Ellevest Inc. raised its holdings in MGM Resorts International by 70.4% during the 2nd quarter. Ellevest Inc. now owns 1,072 shares of the company’s stock worth $31,000 after purchasing an additional 443 shares during the last quarter. Wagner Wealth Management LLC bought a new position in MGM Resorts International during the 2nd quarter worth approximately $33,000. Finally, Assetmark Inc. raised its holdings in MGM Resorts International by 116.1% during the 2nd quarter. Assetmark Inc. now owns 1,312 shares of the company’s stock worth $38,000 after purchasing an additional 705 shares during the last quarter. Institutional investors own 67.54% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have issued reports on MGM. StockNews.com began coverage on shares of MGM Resorts International in a report on Wednesday, October 12th. They set a “hold” rating for the company. Citigroup raised their price target on shares of MGM Resorts International from $58.00 to $58.50 and gave the stock a “buy” rating in a report on Monday, September 26th. Credit Suisse Group lowered 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 report on Thursday, November 3rd. Deutsche Bank Aktiengesellschaft lowered their price target on shares of MGM Resorts International from $51.00 to $49.00 in a report on Thursday, November 3rd. Finally, Wells Fargo & Company lowered their price objective on shares of MGM Resorts International from $58.00 to $53.00 and set an “overweight” rating for the company in a research note on Friday, October 21st. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.70.
Insiders Place Their Bets
In other MGM Resorts International news, Director Rose Mckinney-James sold 5,741 shares of MGM Resorts International stock in a transaction 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 transaction, the director now directly owns 5,740 shares of the company’s stock, valued at approximately $215,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other MGM Resorts International news, Director Rose Mckinney-James sold 5,741 shares of MGM Resorts International stock in a transaction 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 transaction, the director now directly owns 5,740 shares of the company’s stock, valued at approximately $215,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Corey Ian Sanders sold 20,000 shares of MGM Resorts International stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $38.00, for a total value of $760,000.00. Following the sale, the chief operating officer now owns 311,498 shares in the company, valued at $11,836,924. The disclosure for this sale can be found here. Insiders have sold 38,611 shares of company stock valued at $1,446,562 in the last three months. 2.13% of the stock is currently owned by insiders.
MGM Resorts International Stock Performance
NYSE MGM opened at $37.80 on Tuesday. The company has a fifty day simple moving average of $34.08 and a 200 day simple moving average of $32.93. MGM Resorts International has a 12-month low of $26.41 and a 12-month high of $49.00. The company has a current ratio of 1.49, a quick ratio of 1.47 and a debt-to-equity ratio of 1.24. The company has a market cap of $14.52 billion, a P/E ratio of 12.95, a PEG ratio of 1.64 and a beta of 2.04.
MGM Resorts International Announces Dividend
The company 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 dividend of $0.0025 per share. This represents a $0.01 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date of this dividend is Thursday, December 8th. MGM Resorts International’s dividend payout ratio is 0.34%.
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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