Long Pond Capital LP lifted its holdings in MGM Resorts International (NYSE:MGM) by 38.0% during the first quarter, HoldingsChannel.com reports. The fund owned 1,409,400 shares of the company’s stock after buying an additional 387,763 shares during the quarter. MGM Resorts International makes up 1.3% of Long Pond Capital LP’s holdings, making the stock its 21st largest holding. Long Pond Capital LP’s holdings in MGM Resorts International were worth $36,165,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the company. Dupont Capital Management Corp increased its holdings in MGM Resorts International by 114.1% during the 4th quarter. Dupont Capital Management Corp now owns 16,716 shares of the company’s stock worth $406,000 after purchasing an additional 8,907 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in MGM Resorts International by 20.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 112,408 shares of the company’s stock worth $2,727,000 after purchasing an additional 19,451 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in MGM Resorts International by 4.1% during the 4th quarter. Daiwa Securities Group Inc. now owns 25,551 shares of the company’s stock worth $620,000 after purchasing an additional 1,000 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in MGM Resorts International by 3.3% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 22,265 shares of the company’s stock worth $540,000 after purchasing an additional 708 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in MGM Resorts International by 2,332.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,347,643 shares of the company’s stock worth $56,000 after purchasing an additional 1,292,231 shares in the last quarter. Hedge funds and other institutional investors own 79.44% of the company’s stock.
Shares of NYSE MGM traded down $0.22 during midday trading on Friday, reaching $27.50. The company’s stock had a trading volume of 120,800 shares, compared to its average volume of 6,051,080. MGM Resorts International has a 12-month low of $21.61 and a 12-month high of $31.66. The company has a market capitalization of $14.88 billion, a PE ratio of 27.87, a PEG ratio of 3.48 and a beta of 1.34. The company has a quick ratio of 0.75, a current ratio of 0.78 and a debt-to-equity ratio of 1.31.
MGM Resorts International (NYSE:MGM) last announced its earnings results on Monday, April 29th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). MGM Resorts International had a return on equity of 4.03% and a net margin of 2.26%. The business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the previous year, the firm earned $0.38 EPS. MGM Resorts International’s quarterly revenue was up 12.6% on a year-over-year basis. As a group, research analysts expect that MGM Resorts International will post 0.97 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 10th will be paid a $0.13 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.89%. MGM Resorts International’s payout ratio is presently 52.53%.
In other news, Director Keith A. Meister acquired 2,874,578 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average price of $26.18 per share, for a total transaction of $75,256,452.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul J. Salem bought 800,000 shares of the stock in a transaction on Wednesday, May 8th. The shares were acquired at an average cost of $25.40 per share, for a total transaction of $20,320,000.00. Following the acquisition, the director now directly owns 800,000 shares in the company, valued at $20,320,000. The disclosure for this purchase can be found here. Insiders bought a total of 5,243,698 shares of company stock worth $136,882,568 in the last 90 days. Company insiders own 3.47% of the company’s stock.
A number of brokerages have commented on MGM. Morgan Stanley decreased their price objective on MGM Resorts International from $35.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, June 6th. Deutsche Bank reissued a “hold” rating and set a $32.00 price objective on shares of MGM Resorts International in a report on Monday, March 25th. Zacks Investment Research lowered MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Monday, February 18th. Finally, Credit Suisse Group reissued a “neutral” rating and set a $30.00 price objective on shares of MGM Resorts International in a report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $33.20.
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MGM Resorts International Company Profile
MGM Resorts International, through its subsidiaries, owns and operates integrated 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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