Westfield Capital Management Co. LP Trims Position in MGM Resorts International (MGM)
Westfield Capital Management Co. LP trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 2.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 791,070 shares of the company’s stock after selling 20,210 shares during the period. Westfield Capital Management Co. LP owned about 0.14% of MGM Resorts International worth $24,753,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of MGM. Toronto Dominion Bank boosted its holdings in MGM Resorts International by 28.0% during the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock worth $138,000 after buying an additional 1,099 shares in the last quarter. Pacad Investment Ltd. bought a new stake in MGM Resorts International during the second quarter worth approximately $169,000. Global X Management Co. LLC boosted its holdings in MGM Resorts International by 30.4% during the first quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock worth $203,000 after buying an additional 1,724 shares in the last quarter. Cigna Investments Inc. New bought a new stake in MGM Resorts International during the second quarter worth approximately $206,000. Finally, IPG Investment Advisors LLC bought a new stake in MGM Resorts International during the second quarter worth approximately $219,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.
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A number of analysts recently weighed in on the stock. UBS AG cut shares of MGM Resorts International from a “buy” rating to a “neutral” rating and raised their target price for the stock from $33.00 to $36.00 in a report on Tuesday, August 1st. Instinet restated a “buy” rating on shares of MGM Resorts International in a report on Monday, July 17th. BidaskClub cut shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Deutsche Bank AG restated a “buy” rating and set a $36.00 target price (up from $34.00) on shares of MGM Resorts International in a report on Sunday, July 30th. Finally, Telsey Advisory Group raised their target price on shares of MGM Resorts International from $36.00 to $39.00 and gave the stock an “outperform” rating in a report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eighteen have given a buy rating to the company’s stock. MGM Resorts International currently has an average rating of “Buy” and an average price target of $35.12.
In other news, Director Mary Christine Gay sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $31.88, for a total value of $95,640.00. Following the completion of the transaction, the director now owns 11,208 shares in the company, valued at $357,311.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert Baldwin sold 49,179 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $1,629,300.27. Following the completion of the transaction, the insider now owns 145,105 shares of the company’s stock, valued at approximately $4,807,328.65. The disclosure for this sale can be found here. Insiders sold 819,831 shares of company stock valued at $27,686,927 in the last quarter. Corporate insiders own 12.20% of the company’s stock.
MGM Resorts International (MGM) traded up 1.58% during midday trading on Tuesday, reaching $32.18. 845,053 shares of the company’s stock were exchanged. MGM Resorts International has a 1-year low of $24.78 and a 1-year high of $34.65. The stock has a market cap of $18.51 billion, a P/E ratio of 19.05 and a beta of 1.48. The firm’s 50-day moving average is $31.98 and its 200 day moving average is $30.70.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.29 earnings per share. Equities analysts anticipate that MGM Resorts International will post $1.29 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Monday, September 11th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend was Friday, September 8th. MGM Resorts International’s dividend payout ratio (DPR) is presently 26.04%.
MGM Resorts International declared that its board has authorized a stock buyback plan on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to buy up to 5.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
About MGM Resorts International
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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