Pacific Grove Capital LP decreased its position in MGM Resorts International (NYSE:MGM) by 31.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 231,899 shares of the company’s stock after selling 106,348 shares during the quarter. MGM Resorts International comprises about 3.7% of Pacific Grove Capital LP’s holdings, making the stock its 8th largest position. Pacific Grove Capital LP’s holdings in MGM Resorts International were worth $7,743,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of MGM Resorts International by 19.9% during the 4th quarter. BlackRock Inc. now owns 35,609,163 shares of the company’s stock valued at $1,188,991,000 after acquiring an additional 5,897,782 shares during the last quarter. Maverick Capital Ltd. increased its stake in shares of MGM Resorts International by 26.4% during the 4th quarter. Maverick Capital Ltd. now owns 8,867,800 shares of the company’s stock valued at $296,096,000 after acquiring an additional 1,852,880 shares during the last quarter. Millennium Management LLC increased its stake in shares of MGM Resorts International by 248.2% during the 4th quarter. Millennium Management LLC now owns 2,458,545 shares of the company’s stock valued at $82,091,000 after acquiring an additional 1,752,560 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of MGM Resorts International during the 4th quarter valued at about $53,202,000. Finally, Bank of New York Mellon Corp increased its stake in shares of MGM Resorts International by 70.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,199,526 shares of the company’s stock valued at $104,272,000 after acquiring an additional 1,320,446 shares during the last quarter. 82.52% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on the stock. Zacks Investment Research raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Monday, February 5th. Telsey Advisory Group assumed coverage on shares of MGM Resorts International in a research note on Wednesday. They set a “market perform” rating and a $39.00 price objective for the company. Barclays upped their price objective on shares of MGM Resorts International from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. Stifel Nicolaus reaffirmed a “hold” rating and set a $37.00 price objective (up previously from $36.00) on shares of MGM Resorts International in a research note on Wednesday, February 21st. Finally, Bank of America upped their price objective on shares of MGM Resorts International from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $37.94.
Shares of MGM Resorts International (NYSE:MGM) opened at $35.99 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.73 and a debt-to-equity ratio of 1.09. MGM Resorts International has a fifty-two week low of $25.21 and a fifty-two week high of $38.41. The stock has a market capitalization of $20,383.55, a PE ratio of 35.28, a PEG ratio of 1.72 and a beta of 1.45.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Tuesday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.04. MGM Resorts International had a return on equity of 5.78% and a net margin of 17.92%. The business had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.51 billion. During the same quarter in the previous year, the business earned $0.11 EPS. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. research analysts expect that MGM Resorts International will post 1.39 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Friday, March 9th were issued a dividend of $0.12 per share. The ex-dividend date was Thursday, March 8th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.33%. This is a boost from MGM Resorts International’s previous quarterly dividend of $0.11. MGM Resorts International’s payout ratio is presently 14.12%.
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MGM Resorts International Profile
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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