Metropolitan Life Insurance Co NY lifted its stake in shares of MGM Resorts International (NYSE:MGM) by 2.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,693 shares of the company’s stock after acquiring an additional 1,651 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in MGM Resorts International were worth $2,237,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently bought and sold shares of the company. Patriot Financial Group Insurance Agency LLC raised its holdings in MGM Resorts International by 3,000.0% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 930 shares of the company’s stock worth $27,000 after purchasing an additional 900 shares during the last quarter. Trust Co. of Vermont acquired a new stake in shares of MGM Resorts International during the second quarter worth $43,000. Stephens Inc. AR raised its stake in MGM Resorts International by 33.6% during the third quarter. Stephens Inc. AR now owns 2,193 shares of the company’s stock worth $61,000 after buying an additional 552 shares during the last quarter. Resources Investment Advisors LLC. raised its stake in MGM Resorts International by 256.4% during the second quarter. Resources Investment Advisors LLC. now owns 2,780 shares of the company’s stock worth $79,000 after buying an additional 2,000 shares during the last quarter. Finally, Venturi Wealth Management LLC acquired a new position in MGM Resorts International in the third quarter valued at $82,000. 81.65% of the stock is currently owned by institutional investors.
MGM has been the topic of a number of research analyst reports. Morgan Stanley cut their price target on shares of MGM Resorts International from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 17th. Deutsche Bank set a $34.00 price objective on MGM Resorts International and gave the stock a “hold” rating in a research report on Tuesday, September 17th. UBS Group boosted their price objective on MGM Resorts International from $31.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. ValuEngine lowered MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. decreased their target price on MGM Resorts International from $37.00 to $36.00 and set an “overweight” rating for the company in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $31.50.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 30th. The company reported ($0.08) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.37). MGM Resorts International had a net margin of 0.11% and a return on equity of 4.10%. The firm had revenue of $3.31 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the prior year, the business earned $0.24 earnings per share. The business’s quarterly revenue was up 9.4% on a year-over-year basis. Equities research analysts forecast that MGM Resorts International will post 0.9 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Tuesday, December 10th will be issued a $0.13 dividend. The ex-dividend date is Monday, December 9th. This represents a $0.52 annualized dividend and a yield of 1.64%. MGM Resorts International’s payout ratio is currently 52.53%.
In other MGM Resorts International news, Director Keith A. Meister purchased 295,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were acquired at an average price of $32.04 per share, with a total value of $9,451,800.00. Also, Director Rose Mckinney-James sold 2,670 shares of MGM Resorts International stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $28.15, for a total value of $75,160.50. Following the transaction, the director now owns 4,616 shares of the company’s stock, valued at approximately $129,940.40. The disclosure for this sale can be found here. Company insiders own 3.47% of the company’s stock.
MGM Resorts International 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.
Further Reading: Gap Up Stocks
Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.