National Asset Management Inc. purchased a new position in shares of MGM Resorts International (NYSE:MGM) in the third quarter, HoldingsChannel reports. The institutional investor purchased 18,081 shares of the company’s stock, valued at approximately $394,000.
Other institutional investors have also made changes to their positions in the company. Price Wealth LLC purchased a new stake in MGM Resorts International during the 3rd quarter worth $29,000. Allworth Financial LP boosted its position in MGM Resorts International by 231.8% during the 2nd quarter. Allworth Financial LP now owns 1,659 shares of the company’s stock worth $28,000 after purchasing an additional 1,159 shares during the period. WASHINGTON TRUST Co boosted its position in MGM Resorts International by 203.3% during the 2nd quarter. WASHINGTON TRUST Co now owns 1,820 shares of the company’s stock worth $30,000 after purchasing an additional 1,220 shares during the period. Cornerstone Advisors Inc. boosted its position in MGM Resorts International by 347.8% during the 2nd quarter. Cornerstone Advisors Inc. now owns 2,015 shares of the company’s stock worth $34,000 after purchasing an additional 1,565 shares during the period. Finally, Atlas Private Wealth Management purchased a new stake in MGM Resorts International during the 2nd quarter worth $42,000. 66.23% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP John Mcmanus sold 20,000 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $22.84, for a total transaction of $456,800.00. Following the sale, the executive vice president now owns 92,567 shares in the company, valued at $2,114,230.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.06% of the stock is owned by corporate insiders.
MGM opened at $26.21 on Friday. The firm has a market cap of $12.95 billion, a price-to-earnings ratio of 9.36 and a beta of 2.28. MGM Resorts International has a fifty-two week low of $5.90 and a fifty-two week high of $34.63. The company’s 50-day moving average price is $22.45 and its 200 day moving average price is $19.73. The company has a quick ratio of 2.20, a current ratio of 2.24 and a debt-to-equity ratio of 0.98.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Thursday, October 29th. The company reported ($1.08) earnings per share for the quarter, topping the consensus estimate of ($1.10) by $0.02. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.30 billion. MGM Resorts International had a net margin of 20.81% and a negative return on equity of 12.08%. MGM Resorts International’s quarterly revenue was down 66.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.31 earnings per share. Research analysts anticipate that MGM Resorts International will post -4.1 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Thursday, December 10th will be paid a dividend of $0.0025 per share. The ex-dividend date is Wednesday, December 9th. This represents a $0.01 annualized dividend and a yield of 0.04%. MGM Resorts International’s dividend payout ratio (DPR) is 1.30%.
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.
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