Arrow Investment Advisors LLC Takes Position in MGM Resorts International (MGM)
Arrow Investment Advisors LLC acquired a new position in shares of MGM Resorts International (NYSE:MGM) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 14,711 shares of the company’s stock, valued at approximately $479,000.
Other institutional investors also recently made changes to their positions in the company. Spirit of America Management Corp NY bought a new stake in shares of MGM Resorts International during the 3rd quarter worth approximately $104,000. Pacad Investment Ltd. bought a new stake in shares of MGM Resorts International during the 2nd quarter worth approximately $169,000. Toronto Dominion Bank raised its stake in shares of MGM Resorts International by 12.4% during the 2nd quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after purchasing an additional 624 shares in the last quarter. Colony Group LLC bought a new stake in shares of MGM Resorts International during the 2nd quarter worth approximately $203,000. Finally, Cigna Investments Inc. New bought a new stake in shares of MGM Resorts International during the 2nd quarter worth approximately $206,000. Institutional investors own 77.70% of the company’s stock.
In related news, insider Robert Baldwin sold 61,600 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $32.56, for a total transaction of $2,005,696.00. Following the completion of the sale, the insider now directly owns 70,049 shares in the company, valued at approximately $2,280,795.44. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Corey Ian Sanders sold 16,446 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $33.63, for a total value of $553,078.98. Following the sale, the insider now owns 198,058 shares of the company’s stock, valued at $6,660,690.54. The disclosure for this sale can be found here. Over the last three months, insiders have sold 770,148 shares of company stock worth $26,109,728. 12.20% of the stock is currently owned by insiders.
A number of equities research analysts have recently issued reports on the company. Bank of America Corporation reiterated a “buy” rating and set a $40.00 price objective (up previously from $38.00) on shares of MGM Resorts International in a research note on Friday, September 8th. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. Deutsche Bank AG restated a “buy” rating and issued a $36.00 price target (up previously from $34.00) on shares of MGM Resorts International in a research note on Sunday, July 30th. Morgan Stanley set a $35.00 price target on MGM Resorts International and gave the company a “buy” rating in a research note on Friday, October 6th. Finally, Instinet restated a “buy” rating and issued a $40.00 price target on shares of MGM Resorts International in a research note on Tuesday, October 3rd. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $36.50.
MGM Resorts International (NYSE:MGM) traded up $0.11 on Thursday, hitting $33.45. The stock had a trading volume of 4,370,382 shares, compared to its average volume of 8,737,718. The firm has a market cap of $18,875.05, a price-to-earnings ratio of 29.50, a P/E/G ratio of 7.58 and a beta of 1.42. MGM Resorts International has a 12 month low of $25.15 and a 12 month high of $34.65. The company has a current ratio of 1.02, a quick ratio of 0.98 and a debt-to-equity ratio of 1.26.
MGM Resorts International announced that its Board of Directors has authorized a stock repurchase program on Tuesday, September 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Monday, December 11th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.32%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s dividend payout ratio (DPR) is currently 43.14%.
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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