Insider Selling: MGM Resorts International (MGM) CAO Sells 40,325 Shares of Stock
MGM Resorts International (NYSE:MGM) CAO Robert Selwood sold 40,325 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $33.86, for a total value of $1,365,404.50. Following the transaction, the chief accounting officer now directly owns 197,993 shares in the company, valued at $6,704,042.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
MGM Resorts International (NYSE MGM) traded down 1.86% on Friday, hitting $33.25. The stock had a trading volume of 8,154,143 shares. MGM Resorts International has a 52 week low of $24.26 and a 52 week high of $34.65. The firm has a 50-day moving average of $32.24 and a 200 day moving average of $30.37. The company has a market capitalization of $19.13 billion, a price-to-earnings ratio of 19.69 and a beta of 1.48. MGM Resorts International also was the recipient of unusually large options trading on Thursday. Traders acquired 28,097 call options on the stock. This represents an increase of approximately 322% compared to the typical volume of 6,660 call options.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, topping 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 firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the previous year, the business earned $0.29 earnings per share. The company’s revenue was up 16.4% on a year-over-year basis. On average, analysts predict that MGM Resorts International will post $1.29 earnings per share for the current year.
MGM Resorts International announced that its Board of Directors has approved a stock buyback program on Tuesday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.32%. The ex-dividend date is Friday, September 8th. MGM Resorts International’s payout ratio is currently 26.04%.
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Institutional investors and hedge funds have recently modified their holdings of the stock. IFP Advisors Inc grew its holdings 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 acquiring an additional 31 shares during the period. Toronto Dominion Bank grew its holdings 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 acquiring an additional 1,099 shares during the period. Pacad Investment Ltd. bought a new stake in shares of MGM Resorts International in the second quarter worth $169,000. Global X Management Co. LLC grew its holdings in shares of MGM Resorts International by 30.4% in the first quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock worth $203,000 after acquiring an additional 1,724 shares during the period. Finally, Colony Group LLC bought a new stake in shares of MGM Resorts International in the second quarter worth $203,000. 75.22% of the stock is owned by institutional investors.
MGM has been the subject of several recent research reports. BidaskClub downgraded MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Instinet reiterated a “buy” rating on shares of MGM Resorts International in a report on Monday, July 17th. Zacks Investment Research downgraded MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Telsey Advisory Group upped their price target 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 reiterated a “buy” rating and set a $34.00 price target on shares of MGM Resorts International in a report on Monday, July 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eighteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $34.81.
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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