NN Investment Partners Holdings N.V. lowered its position in MGM Resorts International (NYSE:MGM) by 33.9% during the first quarter, Holdings Channel reports. The institutional investor owned 110,169 shares of the company’s stock after selling 56,559 shares during the period. NN Investment Partners Holdings N.V.’s holdings in MGM Resorts International were worth $3,018,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in the stock. Davidson Kempner Capital Management LP raised its stake in shares of MGM Resorts International by 225.0% in the fourth quarter. Davidson Kempner Capital Management LP now owns 1,300,000 shares of the company’s stock worth $37,479,000 after buying an additional 900,000 shares in the last quarter. British Columbia Investment Management Corp raised its stake in shares of MGM Resorts International by 185.1% in the first quarter. British Columbia Investment Management Corp now owns 386,675 shares of the company’s stock worth $10,595,000 after buying an additional 251,044 shares in the last quarter. Chescapmanager LLC acquired a new stake in shares of MGM Resorts International during the fourth quarter worth $11,829,000. Axiom International Investors LLC DE acquired a new stake in shares of MGM Resorts International during the fourth quarter worth $47,309,000. Finally, Melvin Capital Management LP acquired a new stake in shares of MGM Resorts International during the third quarter worth $46,854,000. 71.92% of the stock is currently owned by institutional investors.
Shares of MGM Resorts International (NYSE:MGM) traded up 0.94% on Friday, hitting $31.25. The company had a trading volume of 5,673,770 shares. MGM Resorts International has a 12 month low of $21.31 and a 12 month high of $32.28. The stock has a market cap of $17.96 billion, a PE ratio of 14.52 and a beta of 1.66. The company has a 50-day moving average of $29.53 and a 200 day moving average of $28.41. MGM Resorts International also was the target of some unusual options trading activity on Tuesday. Traders purchased 575 put options on the stock. This represents an increase of 176% compared to the average daily volume of 208 put options.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, April 27th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.12. The business had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.63 billion. MGM Resorts International had a net margin of 3.15% and a return on equity of 6.45%. The business’s revenue was up 22.6% on a year-over-year basis. During the same period last year, the firm posted $0.16 earnings per share. Analysts anticipate that MGM Resorts International will post $1.27 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Friday, June 9th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend is Wednesday, June 7th.
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MGM has been the topic of a number of analyst reports. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $36.00 price objective (up previously from $32.00) on shares of MGM Resorts International in a report on Thursday, April 27th. Morgan Stanley reaffirmed an “overweight” rating on shares of MGM Resorts International in a report on Thursday, January 19th. Goldman Sachs Group Inc reaffirmed a “buy” rating and issued a $36.00 price objective on shares of MGM Resorts International in a report on Tuesday, April 4th. Stifel Nicolaus lowered their price objective on MGM Resorts International from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, February 17th. Finally, Instinet lowered their price objective on MGM Resorts International from $35.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, February 17th. Two analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. MGM Resorts International currently has a consensus rating of “Buy” and a consensus price target of $33.87.
In related news, insider Corey Ian Sanders sold 19,855 shares of the stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $31.01, for a total transaction of $615,703.55. Following the completion of the sale, the insider now directly owns 185,558 shares of the company’s stock, valued at $5,754,153.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Robert Baldwin sold 106,160 shares of the stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $26.26, for a total transaction of $2,787,761.60. Following the sale, the insider now directly owns 316,044 shares of the company’s stock, valued at $8,299,315.44. The disclosure for this sale can be found here. Insiders sold 169,184 shares of company stock valued at $4,749,281 over the last quarter. Insiders own 16.90% of the company’s stock.
MGM Resorts International Company 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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