Amalgamated Bank Trims Holdings in MGM Resorts International (NYSE:MGM)

Amalgamated Bank trimmed its position in MGM Resorts International (NYSE:MGMGet Rating) by 7.1% in the 1st quarter, HoldingsChannel reports. The firm owned 97,856 shares of the company’s stock after selling 7,507 shares during the quarter. Amalgamated Bank’s holdings in MGM Resorts International were worth $4,104,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of the company. Chilton Capital Management LLC purchased a new position in MGM Resorts International during the fourth quarter valued at approximately $25,000. Capital Advisory Group Advisory Services LLC purchased a new position in MGM Resorts International during the first quarter valued at approximately $29,000. First Horizon Advisors Inc. raised its position in MGM Resorts International by 715.4% during the first quarter. First Horizon Advisors Inc. now owns 742 shares of the company’s stock valued at $31,000 after acquiring an additional 651 shares in the last quarter. GPS Wealth Strategies Group LLC raised its position in MGM Resorts International by 280.0% during the first quarter. GPS Wealth Strategies Group LLC now owns 760 shares of the company’s stock valued at $32,000 after acquiring an additional 560 shares in the last quarter. Finally, Oliver Lagore Vanvalin Investment Group purchased a new position in MGM Resorts International during the first quarter valued at approximately $38,000. 67.54% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, major shareholder Iac Inc. acquired 142,400 shares of the stock in a transaction on Thursday, August 11th. The shares were bought at an average price of $35.10 per share, with a total value of $4,998,240.00. Following the completion of the purchase, the insider now owns 63,676,302 shares of the company’s stock, valued at approximately $2,235,038,200.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other MGM Resorts International news, major shareholder Iac Inc. purchased 142,400 shares of the firm’s stock in a transaction dated Thursday, August 11th. The shares were acquired at an average price of $35.10 per share, with a total value of $4,998,240.00. Following the purchase, the insider now directly owns 63,676,302 shares in the company, valued at approximately $2,235,038,200.20. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Daniel J. Taylor sold 4,499 shares of the company’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $34.41, for a total value of $154,810.59. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 590,030 shares of company stock valued at $20,493,524. Insiders own 2.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Argus cut MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Thursday, September 8th. Wells Fargo & Company boosted their price objective on MGM Resorts International from $49.00 to $58.00 and gave the company an “overweight” rating in a research report on Thursday, August 4th. StockNews.com cut MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, July 15th. Citigroup boosted their price objective on MGM Resorts International to $58.00 in a research report on Tuesday, August 9th. Finally, Truist Financial boosted their price objective on MGM Resorts International from $35.00 to $40.00 in a research report on Thursday, August 4th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $52.93.

MGM Resorts International Stock Performance

Shares of NYSE:MGM opened at $32.78 on Thursday. The business’s 50 day moving average price is $33.35 and its 200-day moving average price is $35.32. The firm has a market capitalization of $12.89 billion, a PE ratio of 4.59 and a beta of 2.11. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.65 and a quick ratio of 1.63. MGM Resorts International has a 1 year low of $26.41 and a 1 year high of $51.17.

MGM Resorts International (NYSE:MGMGet Rating) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.21). The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.03 billion. MGM Resorts International had a return on equity of 1.44% and a net margin of 27.33%. As a group, equities research analysts expect that MGM Resorts International will post 0.04 earnings per share for the current fiscal year.

MGM Resorts International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, September 9th were paid a dividend of $0.0025 per share. This represents a $0.01 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date was Thursday, September 8th. MGM Resorts International’s dividend payout ratio (DPR) is currently 0.14%.

MGM Resorts International Profile

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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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