Spire Wealth Management cut its position in MGM Resorts International (NYSE:MGM – Get Rating) by 49.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,689 shares of the company’s stock after selling 2,658 shares during the quarter. Spire Wealth Management’s holdings in MGM Resorts International were worth $113,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Chilton Capital Management LLC acquired a new stake in shares of MGM Resorts International in the fourth quarter valued at $25,000. UMB Bank N A MO acquired a new stake in shares of MGM Resorts International in the fourth quarter valued at $29,000. Creative Financial Designs Inc. ADV grew its stake in shares of MGM Resorts International by 60.0% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 800 shares of the company’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. Horan Securities Inc. acquired a new stake in shares of MGM Resorts International in the fourth quarter valued at $45,000. Finally, City State Bank acquired a new stake in shares of MGM Resorts International in the fourth quarter valued at $46,000. 85.76% of the stock is owned by institutional investors and hedge funds.
In related news, Director Paul J. Salem bought 3,500 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, May 25th. The shares were purchased at an average price of $31.25 per share, with a total value of $109,375.00. Following the purchase, the director now owns 1,520,500 shares in the company, valued at $47,515,625. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul J. Salem purchased 34,500 shares of MGM Resorts International stock in a transaction on Monday, June 13th. The shares were acquired at an average cost of $28.92 per share, for a total transaction of $997,740.00. Following the purchase, the director now owns 1,555,000 shares in the company, valued at $44,970,600. The disclosure for this purchase can be found here. 2.13% of the stock is currently owned by corporate insiders.
MGM has been the subject of a number of recent research reports. JMP Securities initiated coverage on MGM Resorts International in a report on Tuesday, June 28th. They issued an “outperform” rating and a $55.00 target price for the company. UBS Group decreased their price target on MGM Resorts International to $40.00 in a report on Thursday, June 9th. Citigroup decreased their price target on MGM Resorts International from $59.00 to $56.00 and set a “buy” rating for the company in a report on Tuesday. Susquehanna raised MGM Resorts International from a “negative” rating to a “neutral” rating and lifted their price target for the stock from $36.00 to $45.00 in a report on Friday, March 18th. Finally, StockNews.com downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, June 10th. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.99.
Shares of NYSE:MGM opened at $29.54 on Thursday. The business’s 50 day simple moving average is $33.35 and its 200-day simple moving average is $39.53. The firm has a market capitalization of $12.59 billion, a price-to-earnings ratio of 9.59 and a beta of 2.17. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.25 and a quick ratio of 1.23. MGM Resorts International has a 12 month low of $26.41 and a 12 month high of $51.17.
MGM Resorts International (NYSE:MGM – Get Rating) last announced its quarterly earnings results on Monday, May 2nd. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.10. The business had revenue of $2.85 billion for the quarter, compared to analyst estimates of $2.75 billion. MGM Resorts International had a return on equity of 0.81% and a net margin of 14.40%. During the same quarter in the previous year, the company earned ($0.68) EPS. On average, equities analysts anticipate that MGM Resorts International will post 0.94 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Friday, June 10th were paid a $0.0025 dividend. This represents a $0.01 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date was Thursday, June 9th. MGM Resorts International’s payout ratio is currently 0.32%.
MGM Resorts International Profile (Get Rating)
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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