Elo Mutual Pension Insurance Co Acquires 535 Shares of MGM Resorts International (NYSE:MGM)

Elo Mutual Pension Insurance Co grew its position in shares of MGM Resorts International (NYSE:MGM) by 1.6% during the first quarter, Holdings Channel reports. The institutional investor owned 33,852 shares of the company’s stock after purchasing an additional 535 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in MGM Resorts International were worth $1,286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Parallel Advisors LLC lifted its position in shares of MGM Resorts International by 6.1% during the 1st quarter. Parallel Advisors LLC now owns 4,633 shares of the company’s stock valued at $176,000 after buying an additional 267 shares during the last quarter. Checchi Capital Advisers LLC lifted its position in shares of MGM Resorts International by 4.4% during the 1st quarter. Checchi Capital Advisers LLC now owns 6,825 shares of the company’s stock valued at $259,000 after buying an additional 285 shares during the last quarter. Cigna Investments Inc. New lifted its position in shares of MGM Resorts International by 2.3% during the 1st quarter. Cigna Investments Inc. New now owns 15,237 shares of the company’s stock valued at $579,000 after buying an additional 347 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of MGM Resorts International by 3.2% during the 1st quarter. Crossmark Global Holdings Inc. now owns 11,955 shares of the company’s stock valued at $454,000 after buying an additional 372 shares during the last quarter. Finally, Institute for Wealth Management LLC. lifted its position in shares of MGM Resorts International by 5.3% during the 1st quarter. Institute for Wealth Management LLC. now owns 7,774 shares of the company’s stock valued at $295,000 after buying an additional 390 shares during the last quarter. 61.45% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:MGM opened at $42.67 on Friday. The firm has a 50-day simple moving average of $41.08. MGM Resorts International has a twelve month low of $14.65 and a twelve month high of $44.40. The stock has a market cap of $20.93 billion, a PE ratio of -9.79 and a beta of 2.44. The company has a current ratio of 3.86, a quick ratio of 3.81 and a debt-to-equity ratio of 1.18.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, April 28th. The company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($0.86) by $0.18. The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.55 billion. MGM Resorts International had a negative return on equity of 17.93% and a negative net margin of 47.65%. The company’s revenue was down 27.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.64 EPS. As a group, equities analysts expect that MGM Resorts International will post -1.71 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 15th. Stockholders of record on Thursday, June 10th will be given a dividend of $0.002 per share. The ex-dividend date of this dividend is Wednesday, June 9th. This represents a $0.01 annualized dividend and a dividend yield of 0.02%. MGM Resorts International’s dividend payout ratio (DPR) is presently -0.25%.

A number of research analysts have recently commented on MGM shares. Deutsche Bank Aktiengesellschaft upped their price target on MGM Resorts International from $35.00 to $42.00 and gave the company a “hold” rating in a research report on Thursday, April 29th. Truist increased their price objective on MGM Resorts International from $38.00 to $43.00 in a report on Tuesday, April 27th. Zacks Investment Research raised MGM Resorts International from a “sell” rating to a “hold” rating and set a $42.00 price objective on the stock in a report on Monday, April 5th. Bank of America raised MGM Resorts International from an “underperform” rating to a “neutral” rating in a report on Tuesday, February 16th. Finally, JPMorgan Chase & Co. increased their price objective on MGM Resorts International from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $36.00.

In other news, CEO William Hornbuckle sold 40,000 shares of the stock in a transaction dated Thursday, April 1st. The stock was sold at an average price of $38.13, for a total transaction of $1,525,200.00. Following the transaction, the chief executive officer now directly owns 217,923 shares in the company, valued at approximately $8,309,403.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Todd Meinert sold 6,186 shares of the stock in a transaction dated Monday, May 3rd. The shares were sold at an average price of $41.26, for a total value of $255,234.36. Following the transaction, the chief accounting officer now owns 20,790 shares in the company, valued at $857,795.40. The disclosure for this sale can be found here. Insiders have sold a total of 163,786 shares of company stock worth $6,693,294 over the last quarter. Corporate insiders own 5.09% of the company’s stock.

MGM Resorts International Profile

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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