Prelude Capital Management LLC Grows Position in MGM Resorts International (NYSE:MGM)

Prelude Capital Management LLC boosted its stake in shares of MGM Resorts International (NYSE:MGMGet Rating) by 138.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,541 shares of the company’s stock after buying an additional 32,236 shares during the period. Prelude Capital Management LLC’s holdings in MGM Resorts International were worth $2,329,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MGM. UMB Bank N A MO bought a new position in MGM Resorts International during the 4th quarter valued at approximately $29,000. AlphaCrest Capital Management LLC bought a new stake in shares of MGM Resorts International in the 4th quarter worth $568,000. Campbell & CO Investment Adviser LLC bought a new stake in shares of MGM Resorts International in the 4th quarter worth $213,000. Aviva PLC increased its holdings in shares of MGM Resorts International by 3.6% in the 4th quarter. Aviva PLC now owns 126,905 shares of the company’s stock worth $5,695,000 after purchasing an additional 4,422 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in shares of MGM Resorts International by 11.0% in the 4th quarter. Teacher Retirement System of Texas now owns 109,331 shares of the company’s stock worth $4,907,000 after purchasing an additional 10,871 shares in the last quarter. Institutional investors own 67.54% of the company’s stock.

Insiders Place Their Bets

In related news, Director Janet Swartz bought 14,230 shares of the stock in a transaction on Thursday, August 25th. The stock was bought at an average price of $35.05 per share, for a total transaction of $498,761.50. Following the completion of the acquisition, the director now directly owns 19,858 shares in the company, valued at $696,022.90. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other MGM Resorts International news, Director Janet Swartz acquired 14,230 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was purchased at an average price of $35.05 per share, for a total transaction of $498,761.50. Following the acquisition, the director now owns 19,858 shares in the company, valued at approximately $696,022.90. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Iac Inc. acquired 142,400 shares of the firm’s stock in a transaction dated Thursday, August 11th. The shares were acquired at an average price of $35.10 per share, with a total value of $4,998,240.00. Following the acquisition, the insider now owns 63,676,302 shares in the company, valued at approximately $2,235,038,200.20. The disclosure for this purchase can be found here. Insiders purchased a total of 590,030 shares of company stock worth $20,493,524 over the last 90 days. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Up 2.9 %

Shares of NYSE MGM opened at $35.06 on Monday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.63 and a current ratio of 1.65. The firm has a market capitalization of $13.78 billion, a price-to-earnings ratio of 4.91 and a beta of 2.11. The stock has a 50 day moving average price of $32.59 and a 200 day moving average price of $35.72. MGM Resorts International has a 52-week low of $26.41 and a 52-week high of $51.17.

MGM Resorts International (NYSE:MGMGet Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.21). The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.03 billion. MGM Resorts International had a net margin of 27.33% and a return on equity of 1.44%. Sell-side analysts expect that MGM Resorts International will post 0.04 earnings per share for the current year.

MGM Resorts International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Friday, September 9th will be issued a dividend of $0.0025 per share. The ex-dividend date is Thursday, September 8th. This represents a $0.01 dividend on an annualized basis and a yield of 0.03%. MGM Resorts International’s dividend payout ratio is currently 0.14%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MGM shares. Argus lowered MGM Resorts International from a “buy” rating to a “hold” rating in a report on Thursday. Citigroup lifted their price objective on MGM Resorts International to $58.00 in a report on Tuesday, August 9th. StockNews.com downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, July 15th. JMP Securities started coverage on MGM Resorts International in a research report on Tuesday, June 28th. They set an “outperform” rating and a $55.00 target price on the stock. Finally, Credit Suisse Group lowered their price objective on MGM Resorts International from $76.00 to $72.00 and set an “outperform” rating on the stock in a research report on Thursday, August 4th. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.31.

MGM Resorts International Profile

(Get Rating)

MGM Resorts International, through its subsidiaries, owns and operates 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.

See Also

Want to see what other hedge funds are holding MGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGM Resorts International (NYSE:MGMGet Rating).

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

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.