Cadence Capital Management LLC acquired a new position in shares of MGM Resorts International (NYSE:MGM) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 13,951 shares of the company’s stock, valued at approximately $165,000.
Other hedge funds have also made changes to their positions in the company. Price Wealth LLC bought a new stake in shares of MGM Resorts International during the 4th quarter worth $38,000. Verus Capital Partners LLC bought a new stake in shares of MGM Resorts International during the 4th quarter worth $41,000. NuWave Investment Management LLC lifted its position in shares of MGM Resorts International by 436.9% during the 4th quarter. NuWave Investment Management LLC now owns 1,396 shares of the company’s stock worth $46,000 after buying an additional 1,136 shares during the last quarter. Rational Advisors LLC lifted its position in shares of MGM Resorts International by 35.7% during the 4th quarter. Rational Advisors LLC now owns 1,396 shares of the company’s stock worth $46,000 after buying an additional 367 shares during the last quarter. Finally, Jacobi Capital Management LLC lifted its position in shares of MGM Resorts International by 258.9% during the 4th quarter. Jacobi Capital Management LLC now owns 1,877 shares of the company’s stock worth $62,000 after buying an additional 1,354 shares during the last quarter. Institutional investors and hedge funds own 86.22% of the company’s stock.
In related news, CEO James Murren sold 303,160 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $32.15, for a total transaction of $9,746,594.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Hornbuckle bought 8,300 shares of the firm’s stock in a transaction that occurred on Monday, March 30th. The shares were acquired at an average cost of $12.00 per share, with a total value of $99,600.00. Following the purchase, the chief executive officer now directly owns 115,730 shares of the company’s stock, valued at $1,388,760. The disclosure for this purchase can be found here. Insiders have bought 834,832 shares of company stock valued at $10,178,535 over the last 90 days. 5.06% of the stock is owned by corporate insiders.
Shares of MGM opened at $14.65 on Tuesday. MGM Resorts International has a 1 year low of $5.90 and a 1 year high of $34.63. The company has a debt-to-equity ratio of 1.51, a current ratio of 2.89 and a quick ratio of 2.85. The company has a market capitalization of $7.69 billion, a price-to-earnings ratio of 2.64 and a beta of 2.22. The business has a 50-day moving average of $13.47 and a 200-day moving average of $25.71.
MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.32) by ($0.13). MGM Resorts International had a return on equity of 0.81% and a net margin of 23.59%. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter last year, the business earned $0.12 earnings per share. MGM Resorts International’s revenue was down 29.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that MGM Resorts International will post -3.4 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Wednesday, June 10th will be given a dividend of $0.002 per share. The ex-dividend date of this dividend is Tuesday, June 9th. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.05%. MGM Resorts International’s dividend payout ratio (DPR) is 77.92%.
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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