Potrero Capital Research LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) during the first quarter, Holdings Channel reports. The firm purchased 52,857 shares of the company’s stock, valued at approximately $2,008,000.
A number of other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in MGM Resorts International by 1.0% during the 1st quarter. BlackRock Inc. now owns 28,657,908 shares of the company’s stock worth $1,088,715,000 after buying an additional 284,483 shares during the last quarter. SRS Investment Management LLC grew its stake in MGM Resorts International by 242.6% during the 1st quarter. SRS Investment Management LLC now owns 10,591,600 shares of the company’s stock worth $402,375,000 after buying an additional 7,500,000 shares during the last quarter. Morgan Stanley grew its stake in MGM Resorts International by 63.0% during the 4th quarter. Morgan Stanley now owns 6,763,285 shares of the company’s stock worth $213,110,000 after buying an additional 2,613,254 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of MGM Resorts International by 58,288,970.0% in the 4th quarter. Canada Pension Plan Investment Board now owns 5,828,907 shares of the company’s stock valued at $183,669,000 after purchasing an additional 5,828,897 shares during the last quarter. Finally, Steadfast Capital Management LP purchased a new position in shares of MGM Resorts International in the 4th quarter valued at approximately $177,891,000. Hedge funds and other institutional investors own 61.41% of the company’s stock.
MGM has been the topic of several analyst reports. Truist lifted their target price on MGM Resorts International from $38.00 to $43.00 in a research note on Tuesday, April 27th. JPMorgan Chase & Co. lifted their target price on MGM Resorts International from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, June 10th. Morgan Stanley lifted their target price on MGM Resorts International from $45.00 to $49.00 and gave the company an “overweight” rating in a research note on Friday, April 30th. Jefferies Financial Group lifted their price target on MGM Resorts International from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Thursday, April 29th. Finally, Zacks Investment Research upgraded MGM Resorts International from a “sell” rating to a “hold” rating and set a $42.00 price target on the stock in a research note on Monday, April 5th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $38.14.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, April 28th. The company reported ($0.68) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.86) by $0.18. MGM Resorts International had a negative return on equity of 17.93% and a negative net margin of 47.65%. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same period in the previous year, the firm posted $1.64 earnings per share. The business’s revenue for the quarter was down 27.1% compared to the same quarter last year. Equities research analysts expect that MGM Resorts International will post -1.43 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, June 15th. Stockholders of record on Thursday, June 10th were issued a $0.002 dividend. The ex-dividend date of this dividend was Wednesday, June 9th. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.02%. MGM Resorts International’s dividend payout ratio (DPR) is -0.25%.
In other news, COO Corey Ian Sanders sold 50,000 shares of MGM Resorts International stock in a transaction on Monday, May 3rd. The stock was sold at an average price of $41.43, for a total value of $2,071,500.00. Following the completion of the sale, the chief operating officer now owns 356,980 shares of the company’s stock, valued at $14,789,681.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Alexis Herman sold 3,750 shares of MGM Resorts International stock in a transaction on Monday, June 14th. The shares were sold at an average price of $43.14, for a total value of $161,775.00. Following the completion of the sale, the director now directly owns 2,550 shares of the company’s stock, valued at approximately $110,007. The disclosure for this sale can be found here. Over the last three months, insiders sold 117,536 shares of company stock valued at $4,918,869. Insiders own 5.09% of the company’s stock.
MGM Resorts International Profile
MGM Resorts International, through its subsidiaries, owns and operates 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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