Crystal Rock Capital Management bought a new stake in MGM Resorts International (NYSE:MGM) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 47,375 shares of the company’s stock, valued at approximately $1,216,000. MGM Resorts International makes up 0.9% of Crystal Rock Capital Management’s portfolio, making the stock its 27th largest holding.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGM. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of MGM Resorts International during the 4th quarter worth approximately $122,017,000. Bank of America Corp DE grew its stake in MGM Resorts International by 380.3% in the fourth quarter. Bank of America Corp DE now owns 5,827,720 shares of the company’s stock valued at $141,381,000 after acquiring an additional 4,614,420 shares during the period. Norges Bank acquired a new stake in MGM Resorts International in the fourth quarter valued at approximately $108,871,000. Two Sigma Advisers LP grew its stake in MGM Resorts International by 127.9% in the fourth quarter. Two Sigma Advisers LP now owns 3,972,219 shares of the company’s stock valued at $96,366,000 after acquiring an additional 2,228,972 shares during the period. Finally, Canada Pension Plan Investment Board grew its stake in MGM Resorts International by 1,690.4% in the fourth quarter. Canada Pension Plan Investment Board now owns 2,197,107 shares of the company’s stock valued at $53,298,000 after acquiring an additional 2,074,391 shares during the period. Hedge funds and other institutional investors own 79.44% of the company’s stock.
In related news, Director Keith A. Meister purchased 1,139,138 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was purchased at an average price of $25.82 per share, with a total value of $29,412,543.16. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Meister bought 2,874,578 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average price of $26.18 per share, with a total value of $75,256,452.04. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 5,243,698 shares of company stock valued at $136,882,568. Company insiders own 3.47% of the company’s stock.
Shares of NYSE MGM traded down $0.06 during midday trading on Friday, hitting $27.66. 3,869,726 shares of the stock traded hands, compared to its average volume of 7,406,473. The stock has a market capitalization of $14.88 billion, a price-to-earnings ratio of 27.94, a PEG ratio of 3.48 and a beta of 1.34. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.78 and a quick ratio of 0.75. MGM Resorts International has a one year low of $21.61 and a one year high of $31.66.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Monday, April 29th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.04). MGM Resorts International had a net margin of 2.26% and a return on equity of 4.03%. The firm had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the company earned $0.38 earnings per share. MGM Resorts International’s quarterly revenue was up 12.6% compared to the same quarter last year. Equities research analysts anticipate that MGM Resorts International will post 0.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 10th will be paid a $0.13 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.52 dividend on an annualized basis and a yield of 1.88%. MGM Resorts International’s payout ratio is presently 52.53%.
MGM has been the subject of a number of research reports. Morgan Stanley raised their price objective on MGM Resorts International from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, February 14th. Zacks Investment Research lowered MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Monday, February 18th. Credit Suisse Group reiterated a “neutral” rating and set a $30.00 price target on shares of MGM Resorts International in a report on Wednesday, March 20th. Finally, Deutsche Bank reiterated a “hold” rating and set a $32.00 price target on shares of MGM Resorts International in a report on Monday, March 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $33.20.
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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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