MGM Resorts International Sees Unusually Large Options Volume (MGM)
MGM Resorts International (NYSE:MGM) was the recipient of unusually large options trading activity on Monday. Traders purchased 19,788 call options on the stock. This represents an increase of approximately 144% compared to the average volume of 8,123 call options.
MGM Resorts International (NYSE:MGM) opened at 31.15 on Thursday. MGM Resorts International has a 52-week low of $21.31 and a 52-week high of $32.28. The firm has a market cap of $17.90 billion, a price-to-earnings ratio of 14.47 and a beta of 1.66. The firm’s 50-day moving average is $29.31 and its 200-day moving average is $28.35.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Thursday, April 27th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.12. The firm had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.63 billion. MGM Resorts International had a net margin of 3.15% and a return on equity of 6.45%. The company’s revenue for the quarter was up 22.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.16 earnings per share. Analysts forecast that MGM Resorts International will post $1.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Friday, June 9th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date of this dividend is Wednesday, June 7th.
In other MGM Resorts International news, COO Corey Ian Sanders sold 21,441 shares of MGM Resorts International stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $31.60, for a total value of $677,535.60. Following the transaction, the chief operating officer now owns 210,558 shares in the company, valued at $6,653,632.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director William Warwick Grounds purchased 1,150 shares of the firm’s stock in a transaction on Tuesday, February 21st. The stock was acquired at an average price of $26.74 per share, for a total transaction of $30,751.00. Following the transaction, the director now owns 1,350 shares of the company’s stock, valued at approximately $36,099. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 169,184 shares of company stock worth $4,749,281. 16.90% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in MGM. Skandinaviska Enskilda Banken AB publ boosted its stake in shares of MGM Resorts International by 19.5% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 20,800 shares of the company’s stock worth $541,000 after buying an additional 3,400 shares in the last quarter. Northern Trust Corp boosted its stake in MGM Resorts International by 4.9% in the third quarter. Northern Trust Corp now owns 2,827,325 shares of the company’s stock worth $73,594,000 after buying an additional 133,263 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in MGM Resorts International by 31.6% in the third quarter. Ameriprise Financial Inc. now owns 275,687 shares of the company’s stock worth $7,177,000 after buying an additional 66,209 shares in the last quarter. BlackRock Investment Management LLC boosted its stake in MGM Resorts International by 5.4% in the third quarter. BlackRock Investment Management LLC now owns 265,782 shares of the company’s stock worth $6,918,000 after buying an additional 13,551 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in MGM Resorts International by 2,785.5% in the third quarter. Sei Investments Co. now owns 8,945 shares of the company’s stock worth $233,000 after buying an additional 8,635 shares in the last quarter. Hedge funds and other institutional investors own 71.92% of the company’s stock.
Several equities analysts have weighed in on the stock. TheStreet upgraded shares of MGM Resorts International from a “c+” rating to a “b” rating in a research report on Friday, April 28th. Instinet reiterated a “buy” rating and set a $35.00 price objective on shares of MGM Resorts International in a research report on Tuesday, February 7th. Aegis lowered their price objective on shares of MGM Resorts International from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, February 17th. Stifel Nicolaus lowered their price objective on shares of MGM Resorts International from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, February 17th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of MGM Resorts International in a research report on Monday, March 6th. Two research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. MGM Resorts International currently has a consensus rating of “Buy” and a consensus price target of $33.87.
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About MGM Resorts International
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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