Russell Investments Group Ltd. Reduces Holdings in MGM Resorts International (NYSE:MGM)

Russell Investments Group Ltd. decreased its position in shares of MGM Resorts International (NYSE:MGM) by 10.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 117,884 shares of the company’s stock after selling 13,058 shares during the period. Russell Investments Group Ltd.’s holdings in MGM Resorts International were worth $3,366,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in MGM. Patriot Financial Group Insurance Agency LLC increased its stake 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 buying an additional 900 shares during the period. Rational Advisors LLC boosted its stake in MGM Resorts International by 1,113.8% during the 1st quarter. Rational Advisors LLC now owns 1,323 shares of the company’s stock valued at $34,000 after purchasing an additional 1,214 shares during the period. Thor Advisors LLC acquired a new position in MGM Resorts International during the 1st quarter valued at about $35,000. Trust Co. of Vermont acquired a new position in MGM Resorts International during the 2nd quarter valued at about $43,000. Finally, Valeo Financial Advisors LLC boosted its stake in MGM Resorts International by 407.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,523 shares of the company’s stock valued at $44,000 after purchasing an additional 1,223 shares during the period. 82.58% of the stock is currently owned by hedge funds and other institutional investors.

MGM traded down $0.22 on Monday, reaching $28.85. 120,163 shares of the company traded hands, compared to its average volume of 5,224,194. The stock’s 50 day moving average price is $28.63 and its 200-day moving average price is $27.44. MGM Resorts International has a 52-week low of $21.61 and a 52-week high of $31.68. The company has a market cap of $15.18 billion, a price-to-earnings ratio of 29.09, a PEG ratio of 4.29 and a beta of 1.49. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.73 and a quick ratio of 0.69.



MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.23 EPS for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.02). MGM Resorts International had a net margin of 1.56% and a return on equity of 3.77%. The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.21 billion. During the same period in the previous year, the firm posted $0.26 earnings per share. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. As a group, equities research analysts forecast that MGM Resorts International will post 0.85 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 10th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Monday, September 9th. MGM Resorts International’s payout ratio is presently 52.53%.

A number of research analysts have issued reports on MGM shares. Bank of America lowered shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Nomura boosted their target price on shares of MGM Resorts International from $36.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Citigroup assumed coverage on shares of MGM Resorts International in a research report on Wednesday, July 24th. They issued a $23.00 target price on the stock. Argus lifted their target price on shares of MGM Resorts International to $35.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Susquehanna Bancshares assumed coverage on shares of MGM Resorts International in a research report on Wednesday, July 24th. They issued a “negative” rating and a $23.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $30.91.

In related news, Director Mary Christine Gay sold 5,200 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $29.20, for a total transaction of $151,840.00. Following the transaction, the director now directly owns 17,716 shares of the company’s stock, valued at $517,307.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Keith A. Meister bought 81,249 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was acquired at an average cost of $27.99 per share, with a total value of $2,274,159.51. The disclosure for this purchase can be found here. Insiders have purchased 637,520 shares of company stock worth $17,798,335 over the last ninety days. 3.47% of the stock is currently owned by insiders.

MGM Resorts International Company 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.

See Also: Balanced Fund

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:MGM).

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

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