MGM Resorts International (MGM) Director Sells $95,640.00 in Stock
MGM Resorts International (NYSE:MGM) Director Mary Christine Gay sold 3,000 shares of MGM Resorts International stock in a transaction on Monday, August 7th. The shares were sold at an average price of $31.88, for a total transaction of $95,640.00. Following the completion of the transaction, the director now owns 11,208 shares in the company, valued at $357,311.04. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Shares of MGM Resorts International (MGM) traded down 0.97% on Tuesday, reaching $31.55. 6,571,376 shares of the company traded hands. The company has a market capitalization of $18.14 billion, a PE ratio of 18.67 and a beta of 1.48. MGM Resorts International has a 52-week low of $23.38 and a 52-week high of $34.53. The firm has a 50-day moving average of $32.57 and a 200-day moving average of $29.85.
MGM Resorts International (NYSE:MGM) last announced its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.03. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The business had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter last year, the business posted $0.29 earnings per share. The company’s quarterly revenue was up 16.4% on a year-over-year basis. On average, equities research analysts forecast that MGM Resorts International will post $1.24 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, September 8th. This represents a $0.44 annualized dividend and a yield of 1.39%. MGM Resorts International’s dividend payout ratio is currently 26.04%.
Several institutional investors have recently added to or reduced their stakes in the stock. Highbridge Capital Management LLC bought a new position in MGM Resorts International during the fourth quarter worth $545,000. Chevy Chase Trust Holdings Inc. raised its position in MGM Resorts International by 7.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 8,094 shares of the company’s stock worth $222,000 after buying an additional 560 shares during the period. Creative Planning raised its position in MGM Resorts International by 12.9% in the first quarter. Creative Planning now owns 112,600 shares of the company’s stock worth $3,085,000 after buying an additional 12,893 shares during the period. National Pension Service raised its position in MGM Resorts International by 3.8% in the first quarter. National Pension Service now owns 451,774 shares of the company’s stock worth $12,347,000 after buying an additional 16,649 shares during the period. Finally, Private Capital Advisors Inc. bought a new position in MGM Resorts International during the first quarter worth $724,000. Institutional investors and hedge funds own 73.49% of the company’s stock.
MGM has been the topic of several research analyst reports. UBS AG restated a “buy” rating on shares of MGM Resorts International in a research report on Tuesday, April 11th. BidaskClub upgraded shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 25th. Zacks Investment Research lowered shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Instinet restated a “buy” rating and set a $35.00 target price (up from $34.00) on shares of MGM Resorts International in a research report on Saturday, April 29th. Finally, CLSA restated an “outperform” rating on shares of MGM Resorts International in a research report on Friday, April 28th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nineteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $34.59.
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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