Morgan Stanley Decreases Stake in MGM Resorts International (MGM)

Morgan Stanley cut its stake in MGM Resorts International (NYSE:MGM) by 11.1% during the first quarter, Holdings Channel reports. The institutional investor owned 2,020,598 shares of the company’s stock after selling 252,522 shares during the period. Morgan Stanley’s holdings in MGM Resorts International were worth $55,365,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. GMT Capital Corp increased its stake in shares of MGM Resorts International by 89.4% in the first quarter. GMT Capital Corp now owns 3,490,000 shares of the company’s stock valued at $95,626,000 after buying an additional 1,647,200 shares in the last quarter. Axiom International Investors LLC DE increased its stake in shares of MGM Resorts International by 21.2% in the first quarter. Axiom International Investors LLC DE now owns 1,988,840 shares of the company’s stock valued at $54,494,000 after buying an additional 347,890 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of MGM Resorts International by 7.3% in the first quarter. Geode Capital Management LLC now owns 3,494,343 shares of the company’s stock valued at $95,711,000 after buying an additional 237,887 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of MGM Resorts International by 13.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 11,744 shares of the company’s stock valued at $322,000 after buying an additional 1,433 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of MGM Resorts International by 8.4% in the first quarter. Vanguard Group Inc. now owns 39,845,368 shares of the company’s stock valued at $1,091,763,000 after buying an additional 3,096,490 shares in the last quarter. 73.62% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

MGM Resorts International (NYSE MGM) opened at 34.16 on Monday. The stock has a market capitalization of $19.63 billion, a PE ratio of 15.87 and a beta of 1.44. The company’s 50-day moving average price is $31.75 and its 200 day moving average price is $29.08. MGM Resorts International has a 12 month low of $21.31 and a 12 month high of $34.17.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, April 27th. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.12. MGM Resorts International had a return on equity of 7.76% and a net margin of 12.25%. The company had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.63 billion. During the same period last year, the firm earned $0.16 EPS. The firm’s revenue for the quarter was up 22.6% on a year-over-year basis. On average, analysts forecast that MGM Resorts International will post $1.27 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Friday, June 9th were given a dividend of $0.11 per share. The ex-dividend date was Wednesday, June 7th. This represents a $0.44 dividend on an annualized basis and a yield of 1.29%. MGM Resorts International’s payout ratio is 20.37%.

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Several brokerages have weighed in on MGM. Instinet reissued a “buy” rating and issued a $40.00 price target (up previously from $35.00) on shares of MGM Resorts International in a report on Monday, June 19th. TheStreet raised MGM Resorts International from a “c+” rating to a “b” rating in a report on Friday, April 28th. CLSA reissued an “outperform” rating on shares of MGM Resorts International in a report on Friday, April 28th. Aegis reissued a “buy” rating and issued a $35.00 price target (up previously from $33.00) on shares of MGM Resorts International in a report on Saturday, April 29th. Finally, Deutsche Bank AG raised their price target on MGM Resorts International from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Two investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $34.20.

In other MGM Resorts International news, COO Corey Ian Sanders sold 21,441 shares of the stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $31.60, for a total transaction of $677,535.60. Following the completion of the sale, the chief operating officer now directly owns 210,558 shares of the company’s stock, valued at approximately $6,653,632.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Mcmanus sold 14,942 shares of the stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $30.74, for a total value of $459,317.08. Following the sale, the executive vice president now directly owns 93,517 shares of the company’s stock, valued at $2,874,712.58. The disclosure for this sale can be found here. Insiders have sold a total of 83,070 shares of company stock valued at $2,591,372 over the last ninety days. 12.20% of the stock is owned by insiders.

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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