Corey Ian Sanders Sells 16,446 Shares of MGM Resorts International (MGM) Stock
MGM Resorts International (NYSE:MGM) insider Corey Ian Sanders sold 16,446 shares of MGM Resorts International stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $33.63, for a total value of $553,078.98. Following the completion of the transaction, the insider now owns 198,058 shares in the company, valued at $6,660,690.54. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
MGM Resorts International (NYSE MGM) traded down 1.86% during mid-day trading on Friday, reaching $33.25. The company had a trading volume of 8,154,143 shares. The firm’s 50-day moving average price is $32.24 and its 200-day moving average price is $30.37. MGM Resorts International has a 12 month low of $24.26 and a 12 month high of $34.65. The stock has a market cap of $19.13 billion, a PE ratio of 19.69 and a beta of 1.48. MGM Resorts International also was the recipient of unusually large options trading on Thursday. Stock traders purchased 28,097 call options on the company. This represents an increase of approximately 322% compared to the typical volume of 6,660 call options.
MGM Resorts International (NYSE:MGM) last released its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.03. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The company’s revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 EPS. Equities research analysts forecast that MGM Resorts International will post $1.29 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date is Friday, September 8th. MGM Resorts International’s dividend payout ratio (DPR) is presently 26.04%.
MGM Resorts International declared that its board has initiated a share buyback program on Tuesday, September 5th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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MGM has been the topic of a number of recent research reports. BidaskClub cut MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Instinet restated a “buy” rating on shares of MGM Resorts International in a report on Monday, July 17th. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Telsey Advisory Group lifted their target price on MGM Resorts International from $36.00 to $39.00 and gave the stock an “outperform” rating in a report on Friday, July 28th. Finally, Deutsche Bank AG restated a “buy” rating and issued a $34.00 target price on shares of MGM Resorts International in a report on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eighteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $34.81.
A number of hedge funds have recently added to or reduced their stakes in the business. IFP Advisors Inc increased its holdings in MGM Resorts International by 0.7% during the 1st quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock worth $125,000 after purchasing an additional 31 shares in the last quarter. World Asset Management Inc increased its holdings in MGM Resorts International by 0.5% during the 2nd quarter. World Asset Management Inc now owns 19,646 shares of the company’s stock worth $615,000 after purchasing an additional 91 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in MGM Resorts International by 0.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 34,213 shares of the company’s stock worth $937,000 after purchasing an additional 140 shares in the last quarter. Calamos Wealth Management LLC increased its holdings in MGM Resorts International by 0.5% during the 2nd quarter. Calamos Wealth Management LLC now owns 52,540 shares of the company’s stock worth $1,644,000 after purchasing an additional 257 shares in the last quarter. Finally, Pacer Advisors Inc. increased its holdings in MGM Resorts International by 3.4% during the 1st quarter. Pacer Advisors Inc. now owns 9,269 shares of the company’s stock worth $254,000 after purchasing an additional 302 shares in the last quarter. Hedge funds and other institutional investors own 75.22% of the company’s stock.
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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