Rehmann Capital Advisory Group Raises Position in MGM Resorts International (NYSE:MGM)

Rehmann Capital Advisory Group boosted its stake in MGM Resorts International (NYSE:MGMGet Rating) by 25.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,228 shares of the company’s stock after buying an additional 1,859 shares during the quarter. Rehmann Capital Advisory Group’s holdings in MGM Resorts International were worth $387,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Chilton Capital Management LLC acquired a new stake in MGM Resorts International in the 4th quarter valued at about $25,000. Capital Advisory Group Advisory Services LLC acquired a new stake in MGM Resorts International in the 1st quarter valued at about $29,000. First Horizon Advisors Inc. raised its holdings in MGM Resorts International by 715.4% in the 1st quarter. First Horizon Advisors Inc. now owns 742 shares of the company’s stock valued at $31,000 after acquiring an additional 651 shares during the last quarter. GPS Wealth Strategies Group LLC raised its holdings in MGM Resorts International by 280.0% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 760 shares of the company’s stock valued at $32,000 after acquiring an additional 560 shares during the last quarter. Finally, City State Bank acquired a new stake in MGM Resorts International in the 4th quarter valued at about $46,000. 67.54% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MGM Resorts International

In other news, major shareholder Iac Inc. acquired 148,000 shares of the firm’s stock in a transaction dated Monday, August 22nd. The stock was acquired at an average cost of $33.78 per share, with a total value of $4,999,440.00. Following the transaction, the insider now owns 64,672,502 shares in the company, valued at $2,184,637,117.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, COO Corey Ian Sanders sold 10,000 shares of MGM Resorts International stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $36.00, for a total transaction of $360,000.00. Following the sale, the chief operating officer now directly owns 280,273 shares in the company, valued at approximately $10,089,828. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Iac Inc. purchased 148,000 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The shares were bought at an average price of $33.78 per share, for a total transaction of $4,999,440.00. Following the completion of the purchase, the insider now directly owns 64,672,502 shares in the company, valued at $2,184,637,117.56. The disclosure for this purchase can be found here. In the last three months, insiders bought 590,030 shares of company stock valued at $20,493,524. Insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $33.36 on Friday. The company has a quick ratio of 1.63, a current ratio of 1.65 and a debt-to-equity ratio of 0.99. MGM Resorts International has a 52 week low of $26.41 and a 52 week high of $51.17. The stock has a market capitalization of $13.11 billion, a PE ratio of 4.67 and a beta of 2.11. The firm has a 50 day moving average of $33.04 and a two-hundred day moving average of $35.50.

MGM Resorts International (NYSE:MGMGet Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.21). MGM Resorts International had a net margin of 27.33% and a return on equity of 1.44%. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.03 billion. On average, research analysts predict that MGM Resorts International will post 0.04 EPS for the current fiscal year.

MGM Resorts International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, September 9th were given a dividend of $0.0025 per share. The ex-dividend date was Thursday, September 8th. This represents a $0.01 annualized dividend and a dividend yield of 0.03%. MGM Resorts International’s dividend payout ratio (DPR) is currently 0.14%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MGM. StockNews.com downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, July 15th. Citigroup raised their price target on shares of MGM Resorts International to $58.00 in a report on Tuesday, August 9th. Truist Financial raised their price target on shares of MGM Resorts International from $35.00 to $40.00 in a report on Thursday, August 4th. UBS Group cut their price target on shares of MGM Resorts International to $40.00 in a report on Thursday, June 9th. Finally, Credit Suisse Group cut their price target on shares of MGM Resorts International from $76.00 to $72.00 and set an “outperform” rating for the company in a report on Thursday, August 4th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $52.93.

About MGM Resorts International

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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.

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

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