Mirae Asset Global Investments Co. Ltd. Invests $1.14 Million in MGM Resorts International (MGM)

Mirae Asset Global Investments Co. Ltd. acquired a new stake in MGM Resorts International (NYSE:MGM) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 40,990 shares of the company’s stock, valued at approximately $1,144,000.

Other institutional investors have also made changes to their positions in the company. Raymond James Financial Services Advisors Inc. raised its holdings in MGM Resorts International by 13.5% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 53,964 shares of the company’s stock valued at $1,567,000 after buying an additional 6,435 shares during the last quarter. Tocqueville Asset Management L.P. raised its holdings in MGM Resorts International by 8.2% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 415,697 shares of the company’s stock valued at $12,068,000 after buying an additional 31,340 shares during the last quarter. Toronto Dominion Bank raised its holdings in MGM Resorts International by 45.4% during the 2nd quarter. Toronto Dominion Bank now owns 569,209 shares of the company’s stock valued at $17,416,000 after buying an additional 177,830 shares during the last quarter. Global X Management Co LLC raised its holdings in MGM Resorts International by 46.0% during the 2nd quarter. Global X Management Co LLC now owns 38,332 shares of the company’s stock valued at $1,113,000 after buying an additional 12,073 shares during the last quarter. Finally, Morgan Stanley raised its holdings in MGM Resorts International by 71.5% during the 2nd quarter. Morgan Stanley now owns 6,199,539 shares of the company’s stock valued at $179,973,000 after buying an additional 2,584,993 shares during the last quarter. 80.85% of the stock is owned by institutional investors.

Shares of MGM Resorts International stock opened at $26.46 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.74 and a quick ratio of 0.71. The stock has a market capitalization of $13.95 billion, a P/E ratio of 31.50, a price-to-earnings-growth ratio of 4.33 and a beta of 1.40. MGM Resorts International has a 1 year low of $23.81 and a 1 year high of $38.41.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Tuesday, October 30th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.06. The company had revenue of $3.03 billion during the quarter, compared to analyst estimates of $2.99 billion. MGM Resorts International had a net margin of 16.75% and a return on equity of 4.51%. MGM Resorts International’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the business earned $0.34 EPS. Equities research analysts expect that MGM Resorts International will post 1.08 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 14th. Investors of record on Monday, December 10th were paid a $0.12 dividend. The ex-dividend date was Friday, December 7th. This represents a $0.48 annualized dividend and a dividend yield of 1.81%. MGM Resorts International’s payout ratio is 47.06%.

Several research analysts have commented on MGM shares. Bank of America restated a “buy” rating and issued a $30.00 price objective on shares of MGM Resorts International in a report on Tuesday, October 16th. Sanford C. Bernstein started coverage on shares of MGM Resorts International in a report on Thursday, November 15th. They issued a “market perform” rating for the company. Finally, Morgan Stanley restated a “buy” rating on shares of MGM Resorts International in a report on Monday, December 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $36.36.

In related news, insider Phyllis James sold 15,815 shares of the stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $28.26, for a total value of $446,931.90. Following the completion of the transaction, the insider now directly owns 13,164 shares in the company, valued at approximately $372,014.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.43% of the stock is owned by company insiders.

ILLEGAL ACTIVITY WARNING: This report was first reported by WKRB News and is the sole property of of WKRB News. If you are reading this report on another website, it was illegally copied and reposted in violation of US & international trademark and copyright laws. The original version of this report can be accessed at https://www.wkrb13.com/2018/12/16/mirae-asset-global-investments-co-ltd-invests-1-14-million-in-mgm-resorts-international-mgm.html.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

Further Reading: What is Depreciation?

Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply