Glenmede Trust raises stakes in MGM Resorts to 62.6%

Glenmede Trust Co. NA grew its position in shares of MGM Resorts International (NYSE:MGM) by 62.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,238 shares of the company’s stock after buying an additional 1,631 shares during the period. Glenmede Trust Co. NA’s holdings in MGM Resorts International were worth $70,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. HCR Wealth Advisors grew its holdings in shares of MGM Resorts International by 3.5% during the 2nd quarter. HCR Wealth Advisors now owns 19,660 shares of the company’s stock worth $330,000 after purchasing an additional 660 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of MGM Resorts International by 1.8% during the 2nd quarter.

CIBC Asset Management Inc now owns 37,670 shares of the company’s stock worth $633,000 after purchasing an additional 676 shares in the last quarter. Cigna Investments Inc. New grew its holdings in shares of MGM Resorts International by 6.0% during the 1st quarter.

Cigna Investments Inc. New now owns 14,346 shares of the company’s stock worth $169,000 after purchasing an additional 810 shares in the last quarter. Berman Capital Advisors LLC grew its holdings in shares of MGM Resorts International by 52.7% during the 2nd quarter. Berman Capital Advisors LLC now owns 2,593 shares of the company’s stock worth $42,000 after purchasing an additional 895 shares in the last quarter. Finally, Mutual of America Capital Management LLC grew its holdings in shares of MGM Resorts International by 1.4% during the 1st quarter. Mutual of America Capital Management LLC now owns 69,373 shares of the company’s stock worth $819,000 after purchasing an additional 927 shares in the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.

In other news, Director Daniel J. Taylor sold 1,637 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $21.76, for a total transaction of $35,621.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Mcmanus sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $22.84, for a total value of $456,800.00. Following the transaction, the executive vice president now owns 92,567 shares of the company’s stock, valued at $2,114,230.28. The disclosure for this sale can be found here. Insiders have sold 51,637 shares of company stock worth $1,129,321 over the last three months. Insiders own 5.06% of the company’s stock.

Shares of MGM stock opened at $21.62 on Wednesday. The business’s 50-day moving average price is $21.76 and its 200-day moving average price is $17.26. MGM Resorts International has a 12 month low of $5.90 and a 12 month high of $34.63. The firm has a market capitalization of $10.66 billion, a price-to-earnings ratio of 5.69 and a beta of 2.39. The company has a current ratio of 2.47, a quick ratio of 2.43 and a debt-to-equity ratio of 0.92.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($1.52) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.65) by $0.13. MGM Resorts International had a negative return on equity of 6.64% and a net margin of 21.28%. The firm had revenue of $289.81 million for the quarter, compared to analyst estimates of $442.57 million. On average, sell-side analysts predict that MGM Resorts International will post -4.15 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Thursday, September 10th were paid a dividend of $0.0025 per share. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.05%. This is a positive change from MGM Resorts International’s previous quarterly dividend of $0.00. The ex-dividend date of this dividend was Wednesday, September 9th. MGM Resorts International’s dividend payout ratio (DPR) is presently 1.30%.

Several research firms have recently issued reports on MGM. Cfra lowered MGM Resorts International to a “sell” rating in a report on Friday, July 31st. SunTrust Banks reduced their target price on MGM Resorts International from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Tuesday, July 21st. Morgan Stanley increased their target price on MGM Resorts International from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Friday, August 28th. JPMorgan Chase & Co. raised their price objective on MGM Resorts International from $17.00 to $23.00 and gave the company a “neutral” rating in a research note on Wednesday, September 9th. Finally, UBS Group reduced their price objective on MGM Resorts International from $35.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. MGM Resorts International currently has an average rating of “Hold” and an average price target of $19.13.

MGM Resorts International Company 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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