Nationwide Fund Advisors decreased its stake in shares of MGM Resorts International (NYSE:MGM) by 48.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 291,741 shares of the company’s stock after selling 272,634 shares during the period. Nationwide Fund Advisors owned approximately 0.05% of MGM Resorts International worth $9,508,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of MGM Resorts International by 3.4% in the second quarter. Vanguard Group Inc. now owns 41,200,270 shares of the company’s stock worth $1,289,156,000 after buying an additional 1,354,902 shares in the last quarter. Capital Research Global Investors lifted its stake in shares of MGM Resorts International by 1.9% in the second quarter. Capital Research Global Investors now owns 32,282,000 shares of the company’s stock worth $1,010,104,000 after buying an additional 600,000 shares in the last quarter. Canyon Capital Advisors LLC lifted its stake in shares of MGM Resorts International by 8.9% in the second quarter. Canyon Capital Advisors LLC now owns 19,402,345 shares of the company’s stock worth $607,099,000 after buying an additional 1,583,585 shares in the last quarter. State Street Corp lifted its stake in shares of MGM Resorts International by 1.0% in the second quarter. State Street Corp now owns 8,934,495 shares of the company’s stock worth $279,564,000 after buying an additional 92,329 shares in the last quarter. Finally, PointState Capital LP purchased a new position in shares of MGM Resorts International during the second quarter valued at approximately $239,347,000. 82.96% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on MGM. Zacks Investment Research raised shares of MGM Resorts International from a “sell” rating to a “hold” rating in a report on Friday, November 10th. Stifel Nicolaus reaffirmed a “hold” rating and set a $36.00 target price (up from $33.00) on shares of MGM Resorts International in a report on Thursday, November 9th. JPMorgan Chase & Co. upped their target price on shares of MGM Resorts International from $39.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Nomura reduced their target price on shares of MGM Resorts International from $38.00 to $37.00 and set a “buy” rating for the company in a report on Wednesday, November 1st. Finally, Roth Capital assumed coverage on shares of MGM Resorts International in a research report on Wednesday, October 25th. They issued a “buy” rating and a $38.00 price target for the company. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. MGM Resorts International presently has a consensus rating of “Buy” and a consensus price target of $36.50.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Monday, December 11th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date was Friday, December 8th. MGM Resorts International’s dividend payout ratio (DPR) is 43.14%.
MGM Resorts International announced that its board has approved a share repurchase program on Tuesday, September 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other news, EVP John Mcmanus sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $33.35, for a total value of $333,500.00. Following the sale, the executive vice president now directly owns 54,337 shares in the company, valued at approximately $1,812,138.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Phyllis James sold 19,149 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $33.64, for a total transaction of $644,172.36. Following the completion of the sale, the insider now owns 8,961 shares in the company, valued at $301,448.04. The disclosure for this sale can be found here. Insiders have sold a total of 96,877 shares of company stock worth $3,187,002 in the last three months. Insiders own 12.20% of the company’s stock.
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About MGM Resorts International
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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