MGM Resorts International Target of Unusually High Options Trading (MGM)
MGM Resorts International (NYSE:MGM) saw some unusual options trading activity on Tuesday. Traders bought 22,322 put options on the company. This is an increase of 339% compared to the typical daily volume of 5,083 put options.
In other news, COO Corey Ian Sanders sold 21,441 shares of the company’s stock in a transaction 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 sale, the chief operating officer now directly owns 210,558 shares of the company’s stock, valued at approximately $6,653,632.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Robert Selwood sold 10,046 shares of the company’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $31.56, for a total transaction of $317,051.76. Following the completion of the sale, the executive vice president now directly owns 116,743 shares in the company, valued at $3,684,409.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 83,070 shares of company stock worth $2,591,372. Insiders own 12.20% of the company’s stock.
A number of institutional investors have recently made changes to their positions in MGM. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of MGM Resorts International by 15.5% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,521 shares of the company’s stock worth $129,000 after buying an additional 606 shares during the last quarter. IFP Advisors Inc boosted its position in shares of MGM Resorts International by 0.7% in the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock worth $125,000 after buying an additional 31 shares during the last quarter. Toronto Dominion Bank boosted its position in shares of MGM Resorts International by 28.0% in the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock worth $138,000 after buying an additional 1,099 shares during the last quarter. Central Bank & Trust Co. purchased a new position in shares of MGM Resorts International during the second quarter worth about $222,000. Finally, MUFG Americas Holdings Corp purchased a new position in shares of MGM Resorts International during the first quarter worth about $198,000. Institutional investors own 73.66% of the company’s stock.
A number of equities research analysts have recently commented on MGM shares. TheStreet raised shares of MGM Resorts International from a “c+” rating to a “b” rating in a research note on Friday, April 28th. BidaskClub lowered shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 1st. Instinet reaffirmed a “buy” rating on shares of MGM Resorts International in a research note on Monday. Zacks Investment Research lowered shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, June 28th. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $36.00 price objective on shares of MGM Resorts International in a research note on Tuesday, April 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $34.19.
MGM Resorts International (MGM) opened at 33.73 on Friday. MGM Resorts International has a 12-month low of $22.87 and a 12-month high of $34.34. The firm has a market cap of $19.39 billion, a P/E ratio of 15.67 and a beta of 1.47. The firm’s 50-day moving average is $32.35 and its 200 day moving average is $29.56.
MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Thursday, April 27th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.12. The company had revenue of $2.71 billion for the quarter, compared to analysts’ expectations of $2.63 billion. MGM Resorts International had a net margin of 12.25% and a return on equity of 7.76%. MGM Resorts International’s revenue was up 22.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.16 EPS. Equities analysts forecast that MGM Resorts International will post $1.26 earnings per share for the current year.
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MGM Resorts International Company Profile
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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