State of Wisconsin Investment Board increased its position in MGM Resorts International (NYSE:MGM) by 6.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 432,146 shares of the company’s stock after purchasing an additional 25,773 shares during the quarter. State of Wisconsin Investment Board owned approximately 0.08% of MGM Resorts International worth $14,084,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in MGM Resorts International by 3.4% in the second quarter. Vanguard Group Inc. now owns 41,200,270 shares of the company’s stock worth $1,289,156,000 after purchasing an additional 1,354,902 shares during the period. Capital Research Global Investors lifted its position in MGM Resorts International by 1.9% in the second quarter. Capital Research Global Investors now owns 32,282,000 shares of the company’s stock worth $1,010,104,000 after purchasing an additional 600,000 shares during the period. Canyon Capital Advisors LLC lifted its position in MGM Resorts International by 8.9% in the second quarter. Canyon Capital Advisors LLC now owns 19,402,345 shares of the company’s stock worth $607,099,000 after purchasing an additional 1,583,585 shares during the period. State Street Corp lifted its position in MGM Resorts International by 1.0% in the second quarter. State Street Corp now owns 8,934,495 shares of the company’s stock worth $279,564,000 after purchasing an additional 92,329 shares during the period. Finally, PointState Capital LP bought a new position in MGM Resorts International in the second quarter worth $239,347,000. 76.63% of the stock is owned by hedge funds and other institutional investors.
Shares of MGM Resorts International (NYSE:MGM) opened at $33.06 on Tuesday. MGM Resorts International has a 12 month low of $25.15 and a 12 month high of $34.65. The firm has a market capitalization of $18,614.63, a price-to-earnings ratio of 29.10, a PEG ratio of 7.47 and a beta of 1.42. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 1.26.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Monday, December 11th will be given a $0.11 dividend. The ex-dividend date is Friday, December 8th. This represents a $0.44 dividend on an annualized basis and a yield of 1.33%. MGM Resorts International’s payout ratio is 43.14%.
MGM Resorts International announced that its Board of Directors has approved a share buyback program on Tuesday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Rose Mckinney-James sold 3,097 shares of MGM Resorts International stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $33.83, for a total value of $104,771.51. Following the completion of the sale, the director now directly owns 10,724 shares in the company, valued at $362,792.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO James Murren sold 259,760 shares of MGM Resorts International stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $34.19, for a total value of $8,881,194.40. Following the completion of the sale, the chief executive officer now owns 71,442 shares of the company’s stock, valued at $2,442,601.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 698,548 shares of company stock valued at $23,770,532. Corporate insiders own 12.20% of the company’s stock.
A number of research analysts have issued reports on the company. Stifel Nicolaus reissued a “buy” rating on shares of MGM Resorts International in a report on Friday, September 1st. Roth Capital assumed coverage on MGM Resorts International in a report on Wednesday, October 25th. They set a “buy” rating and a $38.00 price objective for the company. Morgan Stanley set a $35.00 price objective on MGM Resorts International and gave the company a “buy” rating in a report on Friday, October 6th. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Finally, Deutsche Bank AG cut MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price objective for the company. in a report on Monday, September 11th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. MGM Resorts International has a consensus rating of “Buy” and a consensus price target of $36.50.
MGM Resorts International 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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