Avantax Advisory Services Inc. increased its stake in MGM Resorts International (NYSE: MGM – Get Rating) by 11.3% during the 1st quarter, according to the company in its latest 13F filing with the Securities & Exchange Commission. The company held 8,844 shares of the company after acquiring an additional 899 shares during the quarter. Avantax Advisory Services Inc.’s holdings in MGM Resorts International were worth $368,000 at the end of the most recent reporting period.
Several other major investors have also recently bought and sold shares of MGM. Wealthfront Advisers LLC increased its stake in MGM Resorts International by 42.6% in the fourth quarter. Wealthfront Advisers LLC now owns 40,034 shares of the company valued at $1,796,000 after acquiring an additional 11,963 shares during the period. Kestra Private Wealth Services LLC increased its stake in MGM Resorts International by 3.2% in the 4th quarter. Kestra Private Wealth Services LLC now owns 23,288 shares of the company valued at $1,045,000 after acquiring an additional 727 shares during the period. Rothschild Investment Corp IL increased its stake in MGM Resorts International by 6.3% in the fourth quarter. Rothschild Investment Corp IL now owns 30,955 shares of the company valued at $1,389,000 after acquiring an additional 1,840 shares during the period. National Bank of Canada FI bought a new position in MGM Resorts International in the 4th quarter, valued at approximately $1,347,000. Finally, Sepio Capital LP bought a new position in MGM Resorts International in Q4 valued at around $3,955,000. 85.76% of the shares are held by institutional investors.
Changes to analyst ratings
Several research analysts recently commented on the title. Deutsche Bank Aktiengesellschaft lowered its target price on shares of MGM Resorts International from $52.00 to $48.00 in a Friday, May 20 report. JMP Securities assumed coverage for MGM Resorts International shares in a Tuesday, June 28 report. They set an “outperform” rating and a target price of $55.00 for the stock. Morgan Stanley lowered its price target on MGM Resorts International shares from $56.00 to $51.00 and set an “equal weight” rating on the stock in a Monday, April 25 report. StockNews.com moved shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, July 15. Finally, Bank of America lowered its price target on MGM Resorts International shares from $55.00 to $50.00 and set a “neutral” rating on the stock in a Monday, April 18 report. Eight research analysts gave the stock a hold rating and nine gave the company a buy rating. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.58.
Performance of MGM Resorts International Shares
Shares of MGM Resorts International opened at $30.46 on Wednesday. MGM Resorts International has a fifty-two week minimum of $26.41 and a fifty-two week maximum of $51.17. The company has a debt ratio of 1.06, a current ratio of 1.25 and a quick ratio of 1.23. The company has a market capitalization of $12.98 billion, a P/E ratio of 9.95 and a beta of 2.17. The company’s 50-day moving average price is $31.61 and its two-hundred-day moving average price is $38.57.
MGM Resorts International (NYSE:MGM – Get Rating) last released its results on Monday, May 2. The company reported earnings per share of $0.01 for the quarter, beating analyst consensus estimates of ($0.09) by $0.10. MGM Resorts International achieved a net margin of 14.40% and a return on equity of 0.81%. The company posted revenue of $2.85 billion for the quarter, versus analyst estimates of $2.75 billion. In the same quarter last year, the company posted ($0.68) earnings per share. On average, stock analysts expect MGM Resorts International to post 0.94 earnings per share for the current fiscal year.
MGM Resorts International Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 15. Shareholders of record on Friday, June 10 received a dividend of $0.0025 per share. This represents an annualized dividend of $0.01 and a dividend yield of 0.03%. The ex-dividend date was Thursday, June 9. MGM Resorts International’s payout ratio is currently 0.32%.
In other news from MGM Resorts International, Director Paul J. Salem purchased 34,500 shares of the company in a transaction dated Monday, June 13. The shares were purchased at an average price of $28.92 per share, with a total value of $997,740.00. Following the completion of the purchase, the director now owns 1,555,000 shares of the company, valued at $44,970,600. The transaction was disclosed in a document filed with the SEC, which is available on the SEC’s website. In other news from MGM Resorts International, Director Paul J. Salem purchased 34,500 shares of the company in a transaction dated Monday, June 13. The shares were purchased at an average price of $28.92 per share, with a total value of $997,740.00. Following the completion of the purchase, the director now owns 1,555,000 shares of the company, valued at $44,970,600. The transaction was disclosed in a document filed with the SEC, which is available on the SEC’s website. Additionally, director Paul J. Salem purchased 3,500 shares of the company in a trade dated Wednesday, May 25. The shares were acquired at an average cost of $31.25 per share, with a total value of $109,375.00. Following the purchase, the director now directly owns 1,520,500 shares of the company, valued at approximately $47,515,625. Disclosure of this purchase can be found here. Insiders own 2.13% of the shares of the company.
MGM Resorts International Profile
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MGM Resorts International, through its subsidiaries, owns and operates casinos, hotels and entertainment centers in the United States and Macau. The Company operates through three segments: Las Vegas Strip Resorts, Regional Operations and MGM China. Its casino complexes offer gaming, hotels, conventions, restaurants, entertainment, retail and other resort amenities.
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