Russell Investments Group Ltd. Acquires 196,483 Shares of MGM Resorts International (MGM)
Russell Investments Group Ltd. grew its holdings in MGM Resorts International (NYSE:MGM) by 21.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,103,100 shares of the company’s stock after acquiring an additional 196,483 shares during the period. Russell Investments Group Ltd. owned 0.19% of MGM Resorts International worth $35,950,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Spirit of America Management Corp NY bought a new stake in MGM Resorts International in the third quarter worth approximately $104,000. Pacad Investment Ltd. bought a new stake in MGM Resorts International in the second quarter worth approximately $169,000. Toronto Dominion Bank grew its position in MGM Resorts International by 12.4% in the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after acquiring an additional 624 shares in the last quarter. Colony Group LLC bought a new stake in MGM Resorts International in the second quarter worth approximately $203,000. Finally, Cigna Investments Inc. New bought a new stake in MGM Resorts International in the second quarter worth approximately $206,000. 77.70% of the stock is owned by institutional investors.
Several research firms have commented on MGM. BidaskClub raised shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. Zacks Investment Research downgraded shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Telsey Advisory Group boosted their target price on shares of MGM Resorts International from $36.00 to $39.00 and gave the stock an “outperform” rating in a research report on Friday, July 28th. Deutsche Bank AG downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 target price for the company. in a research report on Monday, September 11th. Finally, Bank of America Corporation reissued a “buy” rating and issued a $40.00 target price (up from $38.00) on shares of MGM Resorts International in a research report on Friday, September 8th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $36.50.
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In other MGM Resorts International news, insider Corey Ian Sanders sold 16,446 shares of the stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $33.63, for a total value of $553,078.98. Following the completion of the sale, the insider now directly owns 198,058 shares of the company’s stock, valued at approximately $6,660,690.54. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Robert Baldwin sold 49,179 shares of the stock in a transaction 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 sale, the insider now directly owns 145,105 shares of the company’s stock, valued at $4,807,328.65. The disclosure for this sale can be found here. Over the last three months, insiders sold 770,148 shares of company stock valued at $26,109,728. Insiders own 12.20% of the company’s stock.
Shares of MGM Resorts International (MGM) opened at $33.34 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 1.26. MGM Resorts International has a 1-year low of $25.15 and a 1-year high of $34.65. The firm has a market cap of $18,784.46, a price-to-earnings ratio of 29.36, a price-to-earnings-growth ratio of 7.54 and a beta of 1.42.
MGM Resorts International declared that its Board of Directors has initiated a share repurchase plan on Tuesday, September 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, December 11th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s dividend payout ratio (DPR) is presently 43.14%.
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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