Cetera Advisor Networks LLC Purchases New Shares in MGM Resorts International (NYSE:MGM)

Cetera Advisor Networks LLC acquired a new position in MGM Resorts International (NYSE:MGM) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 7,840 shares of the company’s stock, valued at approximately $247,000.

Other large investors have also recently bought and sold shares of the company. Steadfast Capital Management LP purchased a new stake in shares of MGM Resorts International during the fourth quarter worth about $177,891,000. Southeastern Asset Management Inc. TN purchased a new stake in MGM Resorts International during the 3rd quarter worth approximately $107,944,000. Morgan Stanley raised its position in shares of MGM Resorts International by 63.0% in the 4th quarter. Morgan Stanley now owns 6,763,285 shares of the company’s stock valued at $213,110,000 after purchasing an additional 2,613,254 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of MGM Resorts International during the 4th quarter valued at approximately $20,183,000. Finally, Clearbridge Investments LLC grew its position in shares of MGM Resorts International by 81.4% during the fourth quarter. Clearbridge Investments LLC now owns 1,132,436 shares of the company’s stock worth $35,683,000 after buying an additional 508,243 shares in the last quarter. 63.39% of the stock is owned by institutional investors.

Shares of NYSE MGM opened at $41.09 on Thursday. The stock’s fifty day simple moving average is $38.30 and its 200 day simple moving average is $30.07. The stock has a market capitalization of $20.34 billion, a price-to-earnings ratio of 14.68 and a beta of 2.42. 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 has a 52-week low of $11.77 and a 52-week high of $42.74.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, February 10th. The company reported ($0.90) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.96) by $0.06. MGM Resorts International had a negative return on equity of 12.08% and a net margin of 20.81%. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the company posted $0.08 EPS. MGM Resorts International’s revenue for the quarter was down 53.1% on a year-over-year basis. As a group, analysts anticipate that MGM Resorts International will post -4.09 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, March 15th. Stockholders of record on Wednesday, March 10th were issued a dividend of $0.0025 per share. The ex-dividend date of this dividend was Tuesday, March 9th. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.02%. MGM Resorts International’s dividend payout ratio is currently 1.30%.

In related news, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction dated Monday, February 22nd. The stock was sold at an average price of $38.52, for a total value of $1,540,800.00. Following the completion of the sale, the chief operating officer now directly owns 448,331 shares of the company’s stock, valued at approximately $17,269,710.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Todd Meinert sold 8,129 shares of MGM Resorts International stock in a transaction dated Tuesday, February 16th. The shares were sold at an average price of $35.57, for a total value of $289,148.53. Following the transaction, the senior vice president now directly owns 8,300 shares in the company, valued at approximately $295,231. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,307,107 shares of company stock valued at $86,095,143. 5.06% of the stock is owned by insiders.

A number of research analysts have commented on MGM shares. Smith Barney Citigroup lowered MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Thursday, January 7th. They noted that the move was a valuation call. Stifel Nicolaus raised their price target on MGM Resorts International from $34.00 to $40.00 in a report on Thursday, February 11th. Morgan Stanley raised shares of MGM Resorts International from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a report on Monday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell cut shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Thursday, January 7th. Finally, The Goldman Sachs Group upped their price target on shares of MGM Resorts International from $23.00 to $27.00 and gave the stock a “sell” rating in a research note on Tuesday, January 26th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $30.29.

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

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