Honeywell International Inc. Buys 27,600 Shares of MGM Resorts International (MGM)

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Honeywell International Inc. grew its stake in shares of MGM Resorts International (NYSE:MGM) by 5.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 534,700 shares of the company’s stock after acquiring an additional 27,600 shares during the period. Honeywell International Inc.’s holdings in MGM Resorts International were worth $15,522,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Schwab Charles Investment Management Inc. raised its position in shares of MGM Resorts International by 2.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,937,909 shares of the company’s stock worth $56,258,000 after buying an additional 46,188 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its position in shares of MGM Resorts International by 23.7% in the second quarter. Nissay Asset Management Corp Japan ADV now owns 36,983 shares of the company’s stock worth $1,074,000 after buying an additional 7,092 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of MGM Resorts International by 228,591.9% in the second quarter. Canada Pension Plan Investment Board now owns 84,616 shares of the company’s stock worth $2,456,000 after buying an additional 84,579 shares in the last quarter. Arizona State Retirement System raised its position in shares of MGM Resorts International by 39.2% in the second quarter. Arizona State Retirement System now owns 275,687 shares of the company’s stock worth $8,003,000 after buying an additional 77,700 shares in the last quarter. Finally, Strs Ohio raised its position in shares of MGM Resorts International by 107.8% in the second quarter. Strs Ohio now owns 61,501 shares of the company’s stock worth $1,785,000 after buying an additional 31,898 shares in the last quarter. Hedge funds and other institutional investors own 87.29% of the company’s stock.

In other news, Director Rose Mckinney-James sold 5,624 shares of the firm’s stock in a transaction dated Friday, June 1st. The stock was sold at an average price of $31.89, for a total transaction of $179,349.36. Following the transaction, the director now directly owns 3,870 shares of the company’s stock, valued at $123,414.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Christine Gay sold 1,585 shares of the firm’s stock in a transaction dated Tuesday, June 5th. The shares were sold at an average price of $30.94, for a total value of $49,039.90. Following the transaction, the director now directly owns 14,336 shares in the company, valued at $443,555.84. The disclosure for this sale can be found here. Insiders have sold 12,459 shares of company stock worth $378,854 over the last ninety days. Insiders own 0.43% of the company’s stock.

A number of research analysts recently commented on the company. Barclays reduced their target price on MGM Resorts International from $39.00 to $37.00 and set an “overweight” rating on the stock in a research note on Monday, August 6th. Zacks Investment Research raised MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 26th. ValuEngine cut MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, July 4th. Telsey Advisory Group reduced their target price on MGM Resorts International from $34.00 to $31.00 and set a “market perform” rating on the stock in a research note on Friday, August 3rd. Finally, Credit Suisse Group assumed coverage on MGM Resorts International in a research note on Tuesday, August 14th. They issued a “neutral” rating and a $31.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $37.07.

MGM opened at $28.55 on Monday. The firm has a market capitalization of $15.52 billion, a P/E ratio of 27.99, a PEG ratio of 3.71 and a beta of 1.38. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 1.25. MGM Resorts International has a 52 week low of $26.85 and a 52 week high of $38.41.

MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, August 2nd. The company reported $0.26 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.26. MGM Resorts International had a return on equity of 5.07% and a net margin of 17.11%. The business had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter in the prior year, the firm earned $0.28 earnings per share. The firm’s revenue was up 7.8% on a year-over-year basis. sell-side analysts anticipate that MGM Resorts International will post 1.16 earnings per share for the current fiscal year.

MGM Resorts International declared that its Board of Directors has initiated a share buyback plan on Thursday, May 10th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 10.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Monday, September 10th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, September 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.68%. MGM Resorts International’s dividend payout ratio (DPR) is currently 47.06%.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

Further Reading: Leveraged Buyout (LBO) Explained

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

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