Gabelli Funds LLC increased its stake in MGM Resorts International (NYSE:MGM) by 3.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,263,000 shares of the company’s stock after acquiring an additional 47,000 shares during the period. Gabelli Funds LLC’s holdings in MGM Resorts International were worth $36,084,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in MGM. First Personal Financial Services purchased a new position in MGM Resorts International in the first quarter valued at $26,000. Quadrant Capital Group LLC increased its holdings in MGM Resorts International by 94.3% in the first quarter. Quadrant Capital Group LLC now owns 1,259 shares of the company’s stock valued at $29,000 after buying an additional 611 shares during the last quarter. Rational Advisors LLC increased its holdings in MGM Resorts International by 1,113.8% in the first quarter. Rational Advisors LLC now owns 1,323 shares of the company’s stock valued at $34,000 after buying an additional 1,214 shares during the last quarter. Thor Advisors LLC purchased a new position in MGM Resorts International in the first quarter valued at $35,000. Finally, Trust Co. of Vermont purchased a new position in MGM Resorts International in the second quarter valued at $43,000. Institutional investors and hedge funds own 81.27% of the company’s stock.
Shares of MGM stock traded up $0.66 during mid-day trading on Monday, hitting $28.97. 1,192,103 shares of the stock were exchanged, compared to its average volume of 5,596,741. The stock’s fifty day simple moving average is $29.01 and its two-hundred day simple moving average is $27.49. The stock has a market capitalization of $14.56 billion, a price-to-earnings ratio of 29.26, a P/E/G ratio of 4.15 and a beta of 1.42. MGM Resorts International has a 12-month low of $21.61 and a 12-month high of $31.68. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.69 and a current ratio of 0.73.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 10th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.80%. The ex-dividend date is Monday, September 9th. MGM Resorts International’s payout ratio is 52.53%.
In related news, Director Keith A. Meister purchased 1,139,138 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were purchased at an average price of $25.82 per share, with a total value of $29,412,543.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Keith A. Meister purchased 209,136 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were bought at an average cost of $27.99 per share, for a total transaction of $5,853,716.64. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 5,317,360 shares of company stock worth $140,880,100. Corporate insiders own 3.47% of the company’s stock.
Several research firms recently commented on MGM. ValuEngine lowered MGM Resorts International from a “buy” rating to a “hold” rating in a report on Thursday. Argus increased their target price on MGM Resorts International to $35.00 and gave the company a “buy” rating in a report on Monday, July 29th. Morgan Stanley increased their target price on MGM Resorts International from $31.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. Deutsche Bank set a $32.00 target price on MGM Resorts International and gave the company a “hold” rating in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. raised their price objective on MGM Resorts International from $33.00 to $37.00 and gave the stock an “in-line” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $31.00.
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 Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.
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